Iraq Signs Singapore Convention On Mediation
Date
4/30/2024 9:01:15 PM
(MENAFN- Iraq Business News) By John Lee.
The Chairman of Iraq's National investment Commission (NIC) , Dr. Haider Mohammed Makiya, has signed the Singapore convention on Mediation (formally the United Nations Convention on International Settlement Agreements Resulting from Mediation). He stressed the importance of integrating international and local investment environment indicators.
Dr. Haider Mohammed Makiya, the Chairman of the National Investment Commission and a well-known international investment expert, signed the United Nations Convention on International Mediation in New York City, USA. This convention is also called the Singapore Convention on Mediation and International Investment Disputes.
During a signing ceremony, held in coordination with the Iraqi representation at the United Nations, Dr. Makiya emphasized the necessity of activating Iraq's accession to the Singapore Convention on Mediation and International Investment Disputes. This is based on the provisions of Law No. (14) of 2021, and in accordance with the Council of Ministers Resolution No. (24203) of 2024, which approved the International Commercial Arbitration Law.
According to a statement from the NIC:
"This law includes international standards for international commercial arbitration, which is crucial for enhancing the Iraqi investment reality. Iraq has numerous opportunities for international strategic and qualitative investment, which necessitates contracting with foreign companies specialized in investment.
"It is vital to provide legal protection for these companies in the event of disputes arising from contracts concluded by state institutions. These foreign companies prefer to resort to international arbitration to ensure their rights, as stipulated in Article (27/I) of the Investment Law No. 13 of 2006, as amended."
Makiya stated that the Singapore Mediation Agreement serves as a tool to promote international trade and mediation, and as a symbol of hope for a more effective and harmonious global business environment. It is an alternative and effective means of settling commercial disputes, contributing to achieving sustainable development goals and encouraging the use of mediation in settling cross-border disputes, thereby maintaining trade relations between parties involved in the investment process.
Official UN page here.
(Source: NIC)
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