The Maldives signed the United Nations Convention on International Settlement Agreements Resulting from Mediation held in Singapore on Wednesday.
Attorney General Ibrahim Rifath represented the Maldives in signing the agreement at the ceremony that was held at Shangri-La Hotel.
The purpose of the agreement is to further acceptance across countries for conclusions of major business settlement agreements under mediation regulations and to provide a structure to implement the agreement.
Attorney General’s Office revealed that it would not be possible to implement the terms of the agreement until a law is passed, stating that as such, work is currently underway to draft and ratify the law.
The AG Office further highlighted that the incumbent administration aims to provide a secure environment to cater to foreign investments and signing the agreement was an advancement in facilitating this work.
In addition to the Maldives, 46 countries signed the agreement.
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Source URL: Google News