MANILA Justice Secretary Menardo Guevarra on Wednesday said the recent agreement the Philippines entered along with other countries will smoothen settlements of international commercial disputes.
"This UN convention on mediation provides the legal framework for the enforcement of settlement agreements resulting from mediation of international commercial disputes," Guevarra said in a message to newsmen
"It provides a non-confrontational, more efficient, and less costly alternative to court litigation and arbitration. It promotes a win-win solution for the disputants and tends to preserve, rather than ruin, commercial relationships," he explained.
Representatives of 46 member states of the United Nations on Wednesday signed the UN Convention on International Settlement Agreements Resulting from Mediation.
Also known as the Singapore Convention on Mediation, it is eyed to settle cross-border commercial disputes through mediation rather than litigate controversies before courts. (PNA)
Source: Philippines News Agency