Saudi Arabia Participates in UN Commission on International Trade Law
In a display of global engagement, Saudi Arabia is currently taking part in the 57th session of the UN Commission on International Trade Law (UNCITRAL) at the United Nations headquarters in New York until July 12, as reported by the Saudi Press Agency on Thursday.
Representation and Expertise
The Kingdom is represented at the session by the National Competitiveness Center, with experts also attending from various government entities such as 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.
Partnership with the UN
Assistant Minister of Commerce Abdulaziz Al-Duhaim, leading the Saudi delegation, highlighted the partnership between Saudi Arabia and the UN through the Office of Legal Affairs. This collaboration has resulted in financial contributions to the UNCITRAL Trust Fund, supporting legislative and procedural developments in the Kingdom’s commercial and investment environment.
Legislative Achievements and Projects
The cooperation has led to significant legislative achievements for Saudi Arabia, including 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. Additionally, new commercial systems projects have been developed, such as the Commercial Transactions System Project and the Trade Names System Project.
Future Outlook
Al-Duhaim emphasized Saudi Arabia’s commitment to enhancing the legislative, commercial, and economic environment by adopting global best practices and experiences, while aligning with Islamic Sharia and the Kingdom’s strategic interests. The country will continue its role as the largest economy in the Middle East and one of the world’s top 20 economies.
UNCITRAL Discussions
As part of the UNCITRAL session, discussions are underway on various topics, including the draft statute for the advisory center, tools for reducing disputes, provisions for automated contracting, and legal issues related to distributed ledger technology in trade.
UNCITRAL’s Mission
UNCITRAL aims to address obstacles in commercial transactions resulting from national laws, formulate globally accepted rules, enact unified commercial laws, and provide assistance in law reform projects to facilitate international trade.