Union Cabinet approves signing of UN Convention on Intl Settlement Agreements

The Union Cabinet on Wednesday approved the signing of the United Nations Convention on International Settlement Agreements resulting from mediation by India.

Briefing media persons after the Cabinet meeting here, Information and Broadcasting (I & B) Minister Prakash Javadekar said the move will send a positive signal to foreign investors about India's commitment to adhere to international practice on the Alternative Dispute Resolution.

The document, also known as the Singapore Convention on Mediation, will be open for signature at a signing ceremony in Singapore on August 7, according to the United Nations Commission on International Trade Law.

Javadekar also announced a host of other decisions, which were taken during the Union Cabinet meeting chaired by Prime Minister Narendra Modi here today.

"We have decided to have a Technical Liaison Unit of Indian Space Research Organisation (ISRO) in Moscow. The unit will collaborate with Space agencies, industries in Russia and neighbouring countries for mutually synergetic outcomes," he said.

"The Cabinet also approved the Memorandum of Understanding between ISRO and the Bolivian Space Agency on Cooperation in the exploration and uses of outer space for peaceful purposes," added Javadekar.