Chairman of the Investment Authority signs the United Nations Convention on International Mediation

Baghdad - INA

Chairman of the National Investment Authority, Haider Muhammad Makiya, today, Thursday, signed the United Nations Convention on International Mediation known as the “Singapore Convention” in New York City, while noting that this agreement is a tool for facilitating international trade and promoting mediation.

Makiya said in his speech during the signing ceremony, which took place in coordination with the Iraqi representation at the United Nations, and was received by the Iraqi News Agency (INA), that “it is important to activate the Republic of Iraq’s accession to the Singapore Agreement on Mediation and International Investment Disputes, based on the provisions of Law No. (14) of the year 2021, and referring to Cabinet Resolution No. (24203) of 2024 ratifying the International Commercial Arbitration Law, which includes international standards for international commercial arbitration,” stressing, “the position of this agreement within the framework of enhancing the Iraqi investment reality.”

He added, "Iraq includes many international and qualitative strategic investment opportunities, the reality of which requires contracting with foreign companies specialized in investment, and what it requires to provide legal protection for companies, in the event of disputes that arise from contracts concluded by state institutions with these foreign companies that prefer to resort to international arbitration to guarantee its rights, as stipulated in Article (27/First) of Investment Law No. 13 of 2006, as amended.”

Makiya continued, "This agreement is a tool for facilitating international trade and promoting mediation, as well as being an alternative and effective method for settling commercial disputes," noting that "the agreement will contribute to achieving sustainable development goals and encouraging the increasing use of mediation as an effective means of settling cross-border disputes for the purpose of preserving Commercial relations between the parties involved in the investment process.”

The head of the authority continued, “The agreement has a pivotal dimension due to its importance and the existence of several justifications for joining it, most notably finding an alternative method to litigation procedures before international arbitration bodies in disputes arising from investment through commercial mediation regulated by the provisions of this agreement, especially since the Republic of Iraq joined in the year 2015 to the International Center for Settlement of Investment Disputes between States and Nationals of Other States, which gives foreign investors the right to resort to the Washington Center.

He stated, "Iraq's accession to the Singapore Mediation Agreement is necessary to attract investments and achieve economic development purposes, especially in light of the transformation and adoption of a free market economy as an economic system for the country, in addition to referring many strategic projects to foreign companies and investors," pointing out that " A specialized program has been prepared for introductory workshops that the Authority will hold for all ministries and state institutions to educate their legal departments about the legal impact of this agreement, in cooperation with the UNDP.”