The International Organization for Mediation (IOMed) in Hong Kong will serve an essential role in mediating cross-border commercial and investment disputes, Under-Secretary-General of United Nations Li Junhua said.

Speaking at the signing ceremony of the Convention on the Establishment of the IOMed, Li said the push is timely amid heightened geopolitical tensions.

“Rising trade barriers, cuts to foreign aid, and systemic challenges have all jeopardised global stability and development gains," he said.

"Therefore, effective, accessible and peaceful distributed resolutions remained critical.”

Li also said mediation can be “faster, cheaper, and better” in restoring relationships than litigation and arbitration.

“This convention builds upon these traditions, offering a framework that respects and incorporates diverse approaches to mediation,” he said.

Representatives from countries signing the convention also expressed confidence that IOMed will bring peaceful solutions to global disputes.

Zimbabwean Minister of Foreign Affairs and International Trade Amon Murwira said his country is committed to making the convention a success.

“It is surely a desirable vehicle to advance the global imperatives of the rule of law that will provide a new platform for the peaceful resolution of international disputes and make all nations prosperous, happy and live fulfilling lives,” he said.

Pakistani Deputy Prime Minister Ishaq Dar said the signing of the convention marks the birth of an important global institution to support principles of multilateralism and mediation.

Swiss Foreign Minister Ignazio Cassis, a representative of attending countries at the signing ceremony, said his country supports credible and constructive efforts for peace and conflict resolutions.

“In a world marked by growing uncertainty, Switzerland supports initiatives that foster pragmatic solutions and uphold a stable, rule-based international order, which is the foundation for lasting peace and shared prosperity.”