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RIYADH: Saudi Arabia is participating in the 57th session of the UN Commission on International Trade Law, which is being held at the world organization’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 Center for Competitiveness, and experts from the Ministry of Foreign Affairs, the Ministry of Trade, the Ministry of Transport and Logistics Services, the Ministry of Investments, the General Authority for Small and Medium Enterprises, the Appeal Board and the Bankruptcy Commission are also present.

Assistant Minister of Trade Abdulaziz Al-Duhaim, who is also the 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 how the partnership has led to financial contributions to the UNCITRAL Trust Fund, which has helped to support many legislative and procedural changes in the Kingdom’s commercial and investment environment.

He added that this cooperation resulted in several legislative achievements, among which the Kingdom’s accession to the UN Convention on the International Sale of Goods and the signing of the UN Convention on the International Effect of the Judicial Sale of Ships stand out.

It also resulted in the development of many new commercial system projects in the Kingdom, including the Commercial Transaction System Project, the Commercial Registry System Project, the Trade Name System Project and the introduction of rules governing cross-border bankruptcy proceedings.

Al-Duhaim said that the Kingdom will continue to work to strengthen the legislative, commercial and economic environment and will strive to adopt the best global practices and experiences, in accordance with the provisions of the 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 his country will also continue its effective role as the largest economy in the Middle East and one of the 20 largest in the world.

The Kingdom participates in meetings as part of its membership in the organization for the period 2022-2028.

At the opening of the session, the election of the president and vice president was held, based on the decisions made by the commission.

Among the several topics discussed are the draft bylaws for the counseling center; draft dispute reduction and mitigation tools; draft provisions for automated contracting; and legal issues related to the use of distributed ledger technology in commerce.

UNCITRAL aims to resolve and remove obstacles to commercial transactions arising from national laws governing international trade. It works on formulating globally accepted rules, agreements and laws, adopting uniform commercial laws, and also provides assistance in law reform projects.

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