(MENAFN- Saudi Press Agency) Riyadh, January 11, 2023, SPA -- During the last quarter of 2022, the Kingdom of Saudi Arabia participated in the meetings of the six working groups of the United Nations Commission on International Trade Law (UNCITRAL), which seek to address and remove legislative obstacles and challenges facing the international trade environment.
Through its working groups, UNCITRAL seeks to achieve harmonization, modernization and development of international trade laws through drafting numerous unified conventions, laws and manuals governing various international trade and economic issues, as well as to expand the global adoption of such agreements and laws.
During its work in Vienna between September and December 2022, the commission discussed several topics through its working groups of: Micro, small and medium-sized enterprises; Dispute Settlement; Investor-State Dispute Settlement Reform; Electronic Commerce; Insolvency law; and Negotiable Multimodal Transport Documents; with the participation of all member states of the commission.
The Kingdom was represented at the meetings by experts from the standing coordinating committee chaired by the National Competitiveness Center, whose members include the ministries of Justice, Foreign Affairs, Trade, Investment, Finance, Transport and Logistics, Communications and Information Technology), Small and Medium Enterprises General Authority, the Public Transport Authority, the Saudi Center for Commercial Arbitration, the e-Commerce Council, and the Bankruptcy Commission.
The standing coordinating committee aims at facilitating communication between the Kingdom of Saudi Arabia and UNCITRAL, as well as organizing the Kingdom of Saudi Arabia's participation in the working groups of the commission, examining and expressing an opinion on the topics discussed by the working groups and proposing recommendations that would enhance the role and participation of the Kingdom internationally.
The Kingdom participates in the meetings as a member of UNCITRAL for the period (2022-2028), following its candidacy as a member of the Asia-Pacific Group in the elections held during the General Assembly meeting in March 2022.
The Cabinet had approved the cooperation memorandum that was signed between the Kingdom of Saudi Arabia, represented by the National Competitiveness Center, and the UN, represented by the Office of Legal Affairs, regarding the financial contribution to UNCITRAL Trust Fund on 14/6/1442 Hijri.
The memorandum aims to create a commercial legal environment in the Kingdom by raising awareness and understanding of the texts of international trade law, in a way that contributes to supporting the interpretation of the unified text of UNCITRAL and standards of the international trade law.
UNCITRAL comprises 70 member states and has been working for more than 50 years to address and remove obstacles facing business transactions as a result of national laws governing international trade, as well as to assist in the reform of trade laws and the drafting of universally accepted unified trade agreement, laws and rules.
--SPA
16:23 LOCAL TIME 13:23 GMT
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