DetailsThe signing ceremony of the Singapore Meditation Convention will be held at the Shangri-La Hotel, Singapore on August 7th, 2019, and 54 countries including the world's two economical giants, China and the United States will attend it. Totally 20 countries will be the first signatories to the Singapore Meditation Convention, and the Convention will enter into force after approval by at least three UN member states.
The main aims of the Singapore Meditation Convention are: firstly, to promote the use of meditation to resolve cross-border commercial disputes; secondly, to promote the development of cross-border trade and commerce. Before the introduction of the Singapore Mediation Convention, the biggest challenge cross-border settlement agreements facing was the lack of an effective and unified framework. The Singapore Meditation Convention establishes the obligation of member states to enforce the commercial settlement agreements resulting from meditation, which will enable one party of the commercial settlement agreement to apply for compulsory enforcement before the court across border without getting a judgment or award beforehand.
The introduction of the Singapore Meditation Convention will establish an effective and unified framework for cross-border settlement agreements, also will bring all parties involved in meditation great convenience. From Chinese standpoint, signing the Singapore Meditation Convention may bring enterprises which have domiciles or executable properties in China more cooperation opportunities in business in China.