Turkey Signs The Singapore Convention
In the signing ceremony held in Singapore on 6-7 August, Turkey was one of the countries signing the convention negotiated by 46 different countries including USA, China, India and South Korea. Ministry of Justice Deputy Minister Zekeriya Birkan signed the convention on behalf of our country.
Well, then what is Singapore Convention?
It has come to the fore by discussion of the international validity and enforceability of the agreements to be negotiated as a result of Governmental Intermediacy with the evaluations made by UNCITRAL Arbitration Center about 3-4 years ago. As a result of this discussion, “convention” studies have begun. The aim has been to provide international operability and validity to agreements at the end of the intermediacy processes. Its international definition within the scope of convention is that certain countries be a part of and included in it.
The member states of the convention agree that the agreement to be reached as a result of the intermediacy under Singapore Convention may be enforceable in their own courts. What is important at that point is that each country shall have their own effectuation mechanism.
With this agreement, prepared with the aim of modernizing trade law, enabling consistency and strengthening the predictability of cross-border commercial transactions, shortly named Singapore Convention; the advantage to execute arbitral awards with element of foreignness in another country and the internationally recognized intermediacy agreements in a different state appears.