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China, US sign UN protocol on mediation despite ongoing trade dispute
- 46 countries agree protocol aimed at using mediation instead of legal action
- Singapore set to capitalise on the naming of the convention, at Hong Kong’s expense
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China and the United States have briefly put aside their escalating trade war and joined 44 other countries in signing a new global protocol on mediation aimed at settling cross-border trade and commercial disputes.
The Singapore Convention, under the United Nations framework, will allow mediation agreements to be recognised and enforced in the courts of all 46 signatories, which include South Korea and India. European Union nations are expected to sign in the next phase.
It was agreed against a backdrop of ongoing tensions between China and the US over tariffs and currency manipulation, and a trade dispute between South Korea and Japan.
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Speaking at the signing ceremony, Singapore Prime Minister Lee Hsien Loong said the protocol demonstrated that countries are capable of achieving consensus through effort and creativity, and are open to binding commitments.
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He also observed that the established world order of multilateralism is “under pressure”.
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