KCAB INTERNATIONAL signed a Memorandum of Understanding (MoU) with the Singapore International Mediation Centre (SIMC) to jointly promote international commercial mediation on 6 August 2019.
The MoU was signed by Hi-Taek Shin, Chairman of KCAB INTERNATIONAL and George Lim, Chairman of SIMC. Under the MoU, KCAB and SIMC will advise each other of their policies and mutually collaborate on joint conferences and training programs.
The MoU was signed at the Mediation: A New Era (MANE) Forum which was held on the eve of the signing of the UNCITRAL’s Convention on the Enforcement of Mediation Settlements (Singapore Convention). The Singapore Convention, much like the New York Convention, is a legal framework for parties to enforce their Mediated Settlement Agreement across jurisdictions. A total of 46 countries signed the Singapore Convention, including the Republic of Korea.
At the signing, Chairman Shin said: “Korea’s engagement with the Singapore Convention is meaningful because it will empower Korea to be a hub for mediations resolving cross-border commercial disputes in Northeast Asia. Accordingly, KCAB INTERNATIONAL will endeavor to promote international mediation along with international arbitration.”
He also emphasized the significance of the Singapore Convention, adding “mediation had not been highlighted as much as the arbitration because of a lack of enforcement. With the Singapore Convention, however, the area of international mediation will grow up further.”
Chairman Lim said: “Through the Singapore Convention and international mediation we will provide reliable and convenient mediation services to not only Singapore-Korean parties but also parties from third countries. We are thrilled to have a partnership with KCAB, which is an authorized ADR institution by the Korean government with a long history. We will jointly contribute to the field of international mediation.”
KCAB and SIMC will co-host a seminar on 18 September during the Seoul ADR Festival 2019 in Seoul.