The Singapore Mediation Act is to some extent concerned with the fact that (i) the parties have the option of suspending proceedings relating to a mediation agreement as long as certain requirements are met; and (ii) the possibility of registering, by mutual agreement, a negotiated transaction agreement as a court order. The same rules for the enforcement of court decisions in Singapore would then apply – the mediation agreement could then be enforceable by the Mutual Enforcement of Foreign Judgments Act (REFJA ( Amendment) Act (RECJA) Act (RECJA) which came into force on 3 October 2019. The Hague Convention on the Choice of Judicial Agreements, ratified on 2 June 2016 and entered into force on 1 October 2016 with the adoption by the Singapore Parliament of the Choice of Court Agreements Act, would also apply. 3.2.7 Transaction agreements are also binding under contract law. The agreement, which applies to international transaction agreements resulting from mediation by the parties to settle a trade dispute, allows a party seeking the execution of a transaction agreement to apply directly to the jurisdiction of the state in which the assets are located, to request a discharge. In order to avoid duplication, the agreement does not apply to agreements made enforceable as a judgment of the Court or an arbitral award. The agreement also does not apply to agreements made for personal, family or budgetary purposes or in family, inheritance or labour law. 14. This agreement can be carried out in several counter-parts, each of which constitutes an original, but which together constitutes only one agreement. For the CPP, the benefits of signing the CMS are obvious. First, the CMS provides for a procedure for the direct application by local courts of cross-border transaction agreements between two parties arising from mediation, as long as the state in which the execution is requested is a member. Second, mediation is less costly, simpler and faster than litigation or arbitration proceedings.
Third, the SMC can facilitate the Belt and Road Initiative (BRI) to link President Xi Jinping`s agenda to the Chinese economy through trade and investment to those of the entire South.