The Senate at the plenary session ratified the United Nations Convention on International Settlement Agreements Reached as a Result of Mediation, Kazpravda.kz correspondent reports.
As noted earlier, on August 7, 2019, the Republic of Kazakhstan signed the United Nations Convention on International Settlement Agreements Reached as a Result of Mediation in accordance with the Decree of the President of the Republic of Kazakhstan dated August 2, 2019.
The convention entered into force on 12 September 2020. The Convention has been signed by 55 countries such as China, USA, Korea, India and others. The Convention was ratified by 7 of them (Singapore, Ecuador, Fiji, Honduras, Qatar, Saudi Arabia, Turkey) and one country approved it (Belarus).
“The ratification of the Convention will strengthen the legal framework for the settlement of international disputes arising in the context of international commercial relations through mediation, as well as strengthen the position of the state in the field of international trade law and will be welcomed by the business community and foreign investors,” the conclusion to the document says.
