Maldives has signed the United Nations Convention on International Settlement Agreements Resulting from Mediation (Singapore Convention on Mediation).
The treaty was signed by Attorney General Ibrahim Riffath during the signing ceremony held at Singapore on Wednesday.
The treaty is designed to make mandatory the implementation of international settlement agreements produced through mediation, and establish uniform policies and mechanisms in dealing with enforcement of such international settlement agreements among member nations.
Although Maldives signed the treaty upon parliament approval, a set of laws are required to implement the treaty. As such, the treaty will be implemented after drafting necessary laws, acquiring parliament approval and ratifying the bill.
The Attorney General's office stated that strengthening the out of court settlement in Maldives to create a safe environment for foreign investors is a key government policy.
Therefore, the AG office said the signing of the treaty is a major step towards realizing the government's objective.