On 4th June 2021, Brazil acceded to the “United Nations Convention on International Settlement Agreements Resulting from Mediation”, also known as the “Singapore Convention”. The Singapore Convention allows the enforcement of settlement agreements reached via mediation arising from international commercial disputes.
However, for the Convention to have full force in the Brazilian framework, some legislative procedures, such as approval by Congress and ratification by the President, are needed. When the Convention comes into force, parties seeking enforcement of a mediated settlement agreement across borders can do so by applying directly to the courts of the signatory countries and currently, there are 54 signatories to the Singapore Convention including major trading countries such as the United States, South Kore, India etc.
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