Welcome Address by Minister for Home Affairs and Law K Shanmugam SC at the UNCITRAL Academy Conference, Singapore Convention Week

Your Excellency Mr Ayaz Baetov, Minister of Justice of the Kyrgyz Republic

Distinguished Guests

Ladies & Gentlemen

1.  Good morning to all of you. Welcome to this Conference, as part of the Singapore Convention Week.

A Complex Global Environment

2.  If you look at the theme, “Separating Disruptions from Distractions in an Evolving World”, how do you ignore the distractions, and how do you deal with disruptions, which are often beyond the control of most of our countries? 

3.  How do we try and preserve what we can and move ahead in a world that is everchanging and more complex?

(i)  You have the war continuing in Europe - two years and no end in sight.

(ii)  You have in the Middle East, another war which threatens repeatedly to escalate into a broader, all-out conflict.

(iii)  You have the continuing tensions between the two largest economies in the world, with a number of potential flashpoints in the Southeast Asia and East Asia regions.

4.  Those are just some of the geopolitical challenges. There are also a number of economic challenges. The prices of commodities, shipping, oil have all been affected, and they have affected almost all of us and our populations. This has in turn forced many economies to become more protectionist and turned inwards. So you see, instead of world trade becoming stronger, what you are getting are stronger voices for fragmentation, with more disruptions and more trade barriers. And you see trends like re-shoring, friend-shoring, and the disruption of supply chains. 

5.  It is, in many ways, a more uncertain period for international trade, international economy, and also for legal systems and lawyers, because law follows business and law follows trade. It has created a much more challenging outlook for businesses and lawyers.

Singapore’s Approach

6.  We have to do the best that we can in this uncertain situation, particularly looking out from Singapore, where we see ourselves as a Small State. Many of you come from countries which may not be as small as Singapore, but nevertheless are not the biggest players in the world. Whether you are a Big, Medium or Small State, nevertheless, multilateralism and upholding the rules-based international order are quite important and good for everyone. 

7.  So we in Singapore actively support and try to do what we can within our means, (a) to advance international legal instruments and frameworks, (b) to advocate the maintenance of an open economy, stable governance, and robust legal frameworks, and (c) to promote international trade and investment flows. We also try to create opportunities for stakeholders from around the world to come together and discuss issues and challenges that are common to all of us. 

8.  The Singapore Convention Week is one example. We are happy to have nearly 2,500 participants from around 90 countries over the different days. This creates a network of friends, both for ourselves and amongst you, to make common cause and exchange ideas.  

Singapore Convention On Mediation

9.  Five years ago, we gathered here for the signing of the Singapore Convention on Mediation. The Convention typifies and illustrates the approach Singapore takes to try and encourage discussion, build consensus, and take practical steps to benefit and create a framework for the international community and for increased trade flows. The Convention provides a framework to enforce mediated settlement agreements. So you do not have to just go for litigation or for arbitration. And if you go for mediation, the agreement that comes out of any such mediation can now be enforced across borders, provided the countries are parties to the treaty. This would certainly encourage, in our view, cross-border business.   

10.  Today, there are 57 signatories, which is quite significant within five years given that we had lost a couple of years to the pandemic. That includes some of the world’s major economies, like the United States, China and India. 14 countries have ratified the Convention, including Japan, Saudi Arabia, and most recently, Sri Lanka. 

11.  We hope to build on this momentum to have more countries come on board. 

12.  The Convention is just one example of trying to encourage that. But it shows you what we can do, working together, coming together, and exchanging viewpoints. 

Conclusion

13.  On that note, let me thank:

(i)  UNCITRAL and our partner organisations for working with the Ministry of Law to put together the very impressive lineup of events for this Conference, and the rest of the week.

(ii)  Speakers for coming to share your experiences and expertise; and

(iii)  All participants for taking time to be with us, especially those who have come from afar.

14.  Thank you very much.

Last updated on 27 Aug 2024