MOU on mediating disputes signed
A new agreement will make it easier for Chinese and Singaporean companies to settle disputes arising from cross-border commercial transactions under the Belt and Road Initiative.
The memorandum of understanding (MOU) was signed yesterday between the China Council for Promotion of International Trade/China Chamber of International Commerce Mediation Centre and the Singapore International Mediation Centre.
Mr Han Kok Juan, Ministry of Law deputy secretary, said: "As projects involve cross-border, high-value and long-term investments, there will inevitably be political and financing risks, operational challenges and differences in systems and practices.
"Agreeing in advance on how disputes will be resolved should they arise can strengthen trust and further co-operation."
The MOU also opens a new chapter in closer legal services cooperation between the two nations, he said. - THE STRAITS TIMES