UN approves draft convention on negotiable cargo documents
On 14 July, the United Nations Commission on International Trade Law (UNCITRAL) approved the draft Convention on Negotiable Cargo Documents (NCD), marking a significant milestone in the modernisation of international trade law, opening new opportunities for shippers, freight forwarders, and trade finance institutions. The Convention is expected to be adopted by the UN General Assembly later this year.
The NCD Convention introduces a harmonised, opt-in legal framework recognising negotiable cargo documents of title – in both paper and electronic form – for all modes of transport. This helps address a long-standing legal gap in multimodal transport and paves the way for legal certainty, particularly in support of trade digitalization.
Source: FIATA
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