Senate ratifies UN convention on international settlement agreements
Today Members of the Upper House of the Kazakh Parliament approved the UN Convention on International Settlement Agreements Resulting from Mediation. Kazakh Minister of Justice Kanat Mussin presented the document. He noted that the convention will become a positive step towards the improvement of extrajudicial mediation and an important tool for facilitating international trade. It will help resolve commercial disputes between two or more companies from different countries, satisfying each of the parties, the minister highlighted. He added that the status of Kazakhstan as a participant of this convention will have a positive impact on the business reputation and investment attractiveness of the country overseas. The parties to the dispute will be able to appeal to a court of another jurisdiction for recognition of the settlement agreement and its execution.
“Kazakhstan signed the UN Convention on International Settlement Agreements Resulting from Mediation in Singapore on August 7, 2019. We have not had such a mechanism so far. In accordance with the Convention, the execution of the settlement agreement is carried out in accordance with national law. The procedure for the execution of agreements resulting from mediation is stipulated by the provisions of the law “On Mediation” and the Civil Procedure Code of Kazakhstan,” said Kanat Mussin, Kazakh Minister of Justice.
Translation by Saniya Sakenova
Editing by Saule Mukhamejanova