Saudi Arabia Showcases Legislative Progress At UNCITRAL Meeting In New York

The Kingdom of Saudi Arabia is participating in the 57th session of the United Nations Commission on International Trade Law (UNCITRAL) at the UN headquarters in New York City. The event runs from June 24 to July 12. The Saudi delegation includes representatives from various ministries and organisations, such as the National Competitiveness Center, Ministries of Foreign Affairs, Commerce, Transport and Logistics Services, Investment, the Small and Medium Enterprises General Authority "Monsha'at," and the Board Grievances and Bankruptcy Commission.

Assistant Minister of Commerce Abdulaziz bin Saud Al-Dahim leads the Saudi delegation. He praised the successful partnership between Saudi Arabia's National Competitiveness Center and the United Nations' Office of Legal Affairs. This collaboration has led to significant legislative and procedural advancements in Saudi Arabia's commercial and investment sectors.

Al-Dahim highlighted several legislative achievements resulting from this cooperation. These include Saudi Arabia's accession to the UN Convention for the International Sale of Goods (CISG) and signing the UN Convention on the International Effects of Judicial Sales of Ships, also known as the "Beijing Convention on the Judicial Sale of Ships".

The Kingdom has also developed various new commercial systems projects. These projects include the Commercial Transactions System Project, the Commercial Registry System Project, and the Trade Names System Project. Additionally, rules regulating cross-border bankruptcy procedures have been introduced.

During his address, Al-Dahim acknowledged Saudi Arabia's financial contribution to the UNCITRAL Trust Fund. This fund has supported legislative and procedural developments within Saudi Arabia's commercial and investment environment.

"The financial contribution to the UNCITRAL Trust Fund has supported legislative and procedural developments in the Kingdom's commercial and investment environment," said Al-Dahim.

The participation in this session underscores Saudi Arabia's commitment to enhancing its legal framework in line with international standards. The involvement of experts from multiple ministries highlights a comprehensive approach to improving competitiveness.

This engagement at UNCITRAL reflects Saudi Arabia’s ongoing efforts to align its commercial laws with global practices. The Kingdom aims to foster a more robust legal environment for trade and investment through these initiatives.

The session provides an opportunity for Saudi Arabia to showcase its progress in legal reforms. It also allows for further collaboration with international bodies to enhance its trade law framework.

Saudi Arabia’s participation in UNCITRAL sessions demonstrates its dedication to international trade law development. This commitment is evident through its active role in legislative advancements and contributions to global legal standards.

The Kingdom’s efforts are part of a broader strategy to improve its business environment. By aligning with international conventions, Saudi Arabia aims to attract more foreign investment and boost economic growth.

Saudi Arabia continues to work towards creating a competitive business landscape. Its involvement in UNCITRAL sessions is a testament to this ongoing endeavour.

With inputs from SPA