Global leaders from 46 countries, including China, India, Korea, and the United States of America, gathered in Singapore for the signing ceremony of The Singapore Convention on Wednesday, 7th August 2019.
The convention was co-organized by United Nations Commission on International Trade Law (UNCITRAL) and the Singapore Ministry of Law,
This globally significant event opened by the Singapore Prime Minister, Lee Hsien Loong and the United Nations Assistant Secretary-General for Legal Affairs, Stephen Mathias.
As a new international treaty, the Singapore complements other treaties such as the Hague Convention on Choice of Court Agreements and the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards,.
Budidjaja International Lawyers’ Managing Partner, Tony Budidjaja had the opportunity to attend this momentous event alongside members of the Indonesian Academy of Independent Mediators and Arbitrators (MedArbId).
This convention has truly shown a global consensus and support on dispute settlements choice, which would be significant in helping international trade and business flows and multilateralism in the future years.