I first declare an interest as an associate of the Chartered Institute of Arbitrators.
I welcome this Bill and the proposals to change it during its next stages. As I said during an intervention, I want to mention one thing in particular—the Singapore mediation convention. This is a treaty that we have been waiting to sign since it was first talked about in 2018. It is absolutely unconscionable that it has not been signed, ratified and brought into UK law in a much shorter period. This goes to the heart of the question asked by my right hon. Friend the Member for Wokingham (John Redwood)—what do we need to do to keep ourselves ahead of the game in this? I went to Singapore and talked to the mediation community there. We are being left out. The centre of mediation is here in London. It is being left out because there is no means of making sure that the mediated conclusion to a dispute can be brought into law in another country. In fact, the process that one has to go through is a fairly arbitrary one
where, after the mediation, one has to get new proponents as arbitrators, which increases the cost enormously, to have a formal arbitration that can be caught under the New York convention. That is an utterly absurd way to go about this.
We all know that mediation has become an important part of modern business, especially as the courts are busy. When I was doing my Industry and Parliament Trust fellowship in law and sitting with judges, I was very pleased that many of them advised the people who were pleading before them that they should go away and consider mediation beforehand. Getting a mediation settlement agreed and applicable across countries seems to be a very narrow and technical thing to do. It does not affect anyone in an adverse way, and it has been welcomed by almost everybody I have spoken to.
I hope that the Minister will be able to confirm that this Bill will allow us to steam ahead in getting the Singapore mediation convention ratified and brought into UK law so that, for the future, we can maintain our position in the UK as the centre of mediation in the world.
4.42 pm