UN member states sign convention for resolving trade disputes

Members of the United Nations Organization have signed this Wednesday the Singapore Convention on Mediation, an agreement aimed at resolving cross-border trade issues and stabilising trade relations.

This convention is signed in Singapore by 46 member states, including the US and China, Reuters writes.

Its aim is to have a global framework to give businesses more confidence in solutions to international problems through mediation than to send them to courts, which takes more time and cost.

This will help advance international trade and investment”, Singapore Prime Minister Lee Hsien Loong has said at the signing ceremony.

“Today, a group of states have come together to re-age themselves in multilaterism and to declare that we remain open to business”, he added.