Saudi Arabia participates in 57th UNCITRAL session

Saudi Arabia is taking part in the 57th session of the UN Commission on International Trade Law, which is taking place at the world body’s headquarters in New York until July 12, the Saudi Press Agency reported on Thursday.

The Kingdom is being represented at the session by the National Competitiveness Center, and experts are also attending from the Ministry of Foreign Affairs, Ministry of Commerce, Ministry of Transport and Logistic Services, Ministry of Investment, the General Authority for Small and Medium Enterprises, the Board of Grievances, and the Bankruptcy Commission.

Assistant Minister of Commerce Abdulaziz Al-Duhaim, who is also the head of the Saudi delegation, spoke of the partnership between the Kingdom and the UN, which is represented by the Office of Legal Affairs.

He pointed out how the partnership had led to financial contributions to the UNCITRAL Trust Fund, which had helped to support many legislative and procedural developments in the Kingdom’s commercial and investment environment.

He added that this cooperation had also resulted in several legislative achievements, most notably the Kingdom’s accession to the UN Convention for the International Sale of Goods, and the signing of the UN Convention on the International Effects of Judicial Sales of Ships.

It had also resulted in developing many new commercial systems projects in the Kingdom, including the Commercial Transactions System Project, the Commercial Registry System Project, the Trade Names System Project, and the introduction of rules regulating cross-border bankruptcy procedures.

Al-Duhaim said that the Kingdom would continue to work to strengthen the legislative, commercial and economic environment, and would seek to adopt the best global practices and experiences, under the provisions of Islamic Sharia, the provisions of its basic systems and judicial principles, its strategic interests and priorities, and its international partnerships and cooperation in priority areas.

He said that his country would also continue its effective role as the largest economy in the Middle East, and one of the 20 biggest in the world.

The Kingdom is participating in the meetings within the framework of its membership of the organization for the period 2022-2028.

The opening session witnessed the election of the chairman and vice chairmen, following decisions taken by the committee.

Among several topics being discussed are the draft statute for the advisory center; draft tools for reducing and mitigating disputes; draft provisions for automated contracting; and legal issues related to the use of distributed ledger technology in trade.

UNCITRAL aims to address and remove obstacles in commercial transactions resulting from national laws regulating international trade. It works to formulate globally accepted rules, agreements and laws, enact unified commercial laws, and also provides assistance in law reform projects.