Sri Lanka has taken a step towards enhancing international trade cooperation by ratifying the United Nations Convention on International Settlement Agreements Resulting from Mediation, commonly referred to as the "Singapore Convention on Mediation."

The ratification, formalized with the deposit of the instrument at the UN Headquarters in New York, marks Sri Lanka as the 14th State Party to embrace the Convention. This pivotal move was sealed on February 28, 2024, paving the way for the Convention to become effective for Sri Lanka on August 28, 2024.

The Convention, hailed for its role in fostering smoother international trade relations, advocates for mediation as a potent tool in resolving commercial disputes. By providing a robust framework for enforcing international settlement agreements achieved through mediation, the Convention offers a viable alternative to traditional dispute resolution mechanisms.

Open to signature, ratification, and accession by States and regional economic integration organizations, the Convention has garnered widespread global support. With fifty-six States having signed the Convention since its opening for signature on August 7, 2019, its momentum continues to grow, underscoring the international community's recognition of mediation's efficacy in resolving cross-border commercial conflicts.

The United Nations Commission on International Trade Law (UNCITRAL), the driving force behind the Convention, serves as the linchpin of legal harmonization efforts in the realm of international trade. With its mandate to modernize and harmonize trade law, UNCITRAL plays a pivotal role in facilitating global commerce while providing vital technical assistance to member states in navigating legal reform initiatives.