On 1 March 2023, Singapore formally became a member of the International Institute for the Unification of Private Law (“UNIDROIT“) through its accession to the UNIDROIT Statute.
Founded in 1926 as part of the League of Nations, UNIDROIT is an independent intergovernmental organisation with the goal of studying needs and methods for modernising, harmonising, and coordinating private and in particular commercial law between States and groups of States. It is one of the world’s main organisations tasked with the development of international treaties and modern standards in private law, with special relevance in the areas of secured transactions, contract law, capital markets, digital economy, banking law, and agriculture.
Singapore is one of the 127 States which have benefited from UNIDROIT’s instruments to date, being a party to two instruments adopted under UNIDROIT’s auspices – the 2001 Cape Town Convention on International Interests in Mobile Equipment and the 2001 Protocol on Matters Specific to Aircraft Equipment.
As UNIDROIT’s 64th Member State, Singapore’s participation in UNIDROIT will strengthen its position as a global legal hub. The Ministry of Law (“MinLaw“) has been designated as Singapore’s National Authority and contact point with UNIDROIT.
Click on the following links for more information:
- MinLaw Press Release titled “Singapore Becomes a Member of the International Institute for the Unification of Private Law (UNIDROIT)” (available on the MinLaw website at mlaw.gov.sg)
- UNIDROIT News Release titled “UNIDROIT welcomes the Republic of Singapore as a New Member” (available on the UNIDROIT website at unidroit.org)
For more information, click here to read the full Legal Update.
