THE EUROPEAN UNION WELCOMES IRAQ’S APPROVAL OF THE SINGAPORE MEDIATION AGREEMENT
The European Union Ambassador to Iraq, Thomas Seiler, welcomed the Iraqi government’s signing of the Singapore Mediation Agreement.
Siler said in a tweet on the X website, “I welcome the Sudanese Prime Minister’s government’s signing of the Singapore Mediation Agreement, which is considered a milestone for resolving commercial disputes, and I am pleased that the technical support provided by the European Union to anti-corruption and international arbitration efforts has been important and effective. I call on Parliament to expedite ratification on the agreement.
He added that this decision would enhance investments and business in Iraq, and facilitate international trade. This indicates the government’s intention to make Iraq an attractive place for investments.
He stressed that the European Union remains committed to providing expertise to the government and the economy.
On April 19, 2024, the United Nations Development Program (UNPD) announced that Iraq had officially signed the Singapore Agreement on Mediation, which is an “important” step towards developing the resolution of commercial disputes in Iraq.
The Singapore Mediation Convention is a standardized and effective framework for international settlement agreements resulting from mediation, which parties conclude to resolve a commercial dispute.
The Singapore Agreement will facilitate international trade by enabling disputing parties to easily enforce and recall settlement agreements across borders. Companies will benefit from mediation as an additional option to litigation and arbitration in resolving cross-border disputes.
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