India signs UNISA to boost confidence of foreign investors
India has recently signed the United Nations Convention on International Settlement Agreements (UNISA) to boost the confidence of foreign investors. It was signed by India’s High Commissioner to Singapore Jawed Ashraf, who was representing the Government of India (GoI). The purpose of the convention is to strengthen the international dispute resolution framework, and in turn help ease trade and commerce among countries. It will enable the enforcement of mediated settlement agreements amongst signatory countries. So far, the treaty named Singapore Convention on Mediation (SCM) has signed by 46countries including the United States, China, and India. The United Nations General Assembly (UNGA) adopted the Convention on 20th December 2018 during its 73rd session. The Convention has opened for signature by all States in Singapore on 7th August 2019, and thereafter at United Nations Headquarters in New York.