KSA participates in annual meetings of UNCITRAL Committee in New York

The Permanent Coordinating Committee, chaired by the National Competitiveness Center (NCC) and the membership of several relevant government agencies, participated during the first quarter of 2023 in the meetings of the working groups of the United Nations Commission on International Trade Law (UNCITRAL).

The Kingdom took part in the 44th session of the meetings of the third working group on (reforming the dispute settlement system between investors and states), which was held from 23-27 January 2023, and discussed "the provisions of the draft codes of conduct for arbitrators and judges in settlement of international investment disputes."

The Kingdom also participated in the 77th session of the meetings of the second working group on (dispute settlement), held from 6-10 February 2023, "dispute settlement related to technology and arbitration". The 77th session included a dialogue session and a workshop discussing "The Kingdom's Competitiveness in Light of Legislative and Judicial Reforms" in the presence of the Minister of Commerce, Chairman of the Board of Directors of the National Competitiveness Center, Dr Majid bin Abdullah Al-Qasabi, and the Deputy Minister of Commerce and CEO of the National Competitiveness Center, Dr Iman Bint Habbas Al-Mutairi, and the accompanying delegation.

Furthermore, the (39) session of the working group meetings on "Micro, Small and Medium Enterprises" was held during the period (6-10 February 2023), titled "Draft Guide for Micro, Small, and Medium Enterprises Obtaining Credit". The Kingdom's delegation, which participated in the session, confirmed that the Saudi team made recommendations and results that are in line with what the Kingdom has achieved in terms of systems and policies that support micro, small, and medium enterprises and contribute to facilitating the start-up and financing of businesses.

The Kingdom is also expected to participate in the 63rd session of the meetings of the 4th Working Group on "e-commerce", which will be held from 10-14 April 2023. The session will discuss "digital data transactions and data contracts, and the use of artificial intelligence and automation in contracting."

In addition, the Kingdom's delegation will participate in the 62nd session of the meetings of the 5th Working Group on "Bankruptcy Law", to be held from April 17-20, 2023, as well as participating in the 42nd session of the 6th Working Group on "Multimedia Transfer Documents for Transferable Media for Trading" during the period 8-12 May 2023.

The Coordination Committee, which includes in its membership the ministries of Justice, Foreign Affairs, Trade, Investment, Finance, Transport, and Logistics Services, Communications, and Information Technology, the Small and Medium Enterprises General Authority (Monsha'at), and the Bankruptcy Commission, will participate in the annual session of the UNCITRAL Committee in early July in Vienna.

The Coordination Committee aims to facilitate communication between the Kingdom and UNCITRAL, which includes more than 70 countries in its membership and aims to develop model legal texts and unified guides consistent with international trade practices and agreements.

Source: Saudi Press Agency

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