RIYADH: Saudi Arabia is taking part in the 57th session of the UN Commission on International Trade Law, which is being held at the world body’s headquarters in New York until July 12, the Saudi Press Agency reported on Thursday.
The Kingdom is represented at the session by the National Competitiveness Centre, and experts from the Ministry of Foreign Affairs, Ministry of Trade, Ministry of Transport and Logistics Services, Ministry of Investment, General Office for Small and Medium-sized Enterprises, Complaints Board and Bankruptcy Commission also participate.
Deputy Trade Minister Abdulaziz Al-Duhaim, who is also head of the Saudi delegation, spoke about the partnership between the Kingdom and the UN, which is represented by the Office of Legal Affairs.
He highlighted that the partnership led to financial contributions to the UNCITRAL Trust Fund, which has helped support many legislative and procedural changes in the Kingdom’s trade and investment environment.
He added that this cooperation had also resulted in several legislative achievements, in particular the Kingdom’s accession to the United Nations Convention on Contracts for the International Sale of Goods and the signing of the United Nations Convention on the International Effects of the Judicial Sale of Ships.
This also resulted in the development of a number of new draft trade systems in the Kingdom, including a draft trade transaction system, a draft trade registry system, a draft trade name system and the introduction of legislation governing cross-border bankruptcy procedures.
Al-Duhaim said the Kingdom will continue to work to strengthen its legislative, trade and economic environment and will strive to adopt the best global practices and experiences, in line with the provisions of Islamic Sharia, the provisions of its fundamental judicial systems and principles, its strategic interests and priorities, and international partnerships and cooperation in priority areas.
He said his country would continue to play an effective role as the largest economy in the Middle East and one of the 20 largest in the world.
The Kingdom is taking part in the meetings as part of its membership of the organisation for the years 2022-2028.
At the inaugural session, following the decisions taken by the committee, the chairman and vice-chairmen were elected.
Several topics discussed include the draft statute of the advisory center; designs of tools for reducing and mitigating disputes; draft regulations on automated conclusion of contracts; and legal issues related to the use of distributed ledger technology in trade.
UNCITRAL aims to address and eliminate obstacles to trade transactions arising from national laws governing international trade. It works to formulate globally accepted rules, agreements and laws, to enact unified trade regulations, and to provide assistance in law reform projects.