On September 12th, CCPIT Vice Chairman Lu Pengqi attended and addressed the Seminar on Development of China’s Foreign-related Mediation after the SCM Entered into Force.
Lu Pengqi said that mediation, as a non-confrontational means for dispute resolution, was widely recognized and valued by all parties for its unique advantages of low cost, high efficiency and convenience in resolving commercial disputes. The entry into force of the Singapore Convention on Mediation (SCM) will supplement the current international mediation law framework and provide legal assurance for the cross-border enforcement of the international commercial mediated settlement agreement reached by the parties. It will further stimulate the parties to actively choose mediation to settle cross-border commercial disputes, making a huge impetus for the development of the cause of mediation.
The Seminar is co-hosted by China Academy of Arbitration Law, CCOIC Mediation Center, China Maritime Arbitration Commission and Institute of International Law of Chinese Academy of Social Sciences. More than 1400 people from the arbitration and mediation field and academia attended the meeting online.