THE United Nations Commission on International Trade Law (UNCITRAL) is expected to soon finalise the draft convention on negotiable air cargo documents to allow the transfer of ownership of goods while in transit, reports London's Air Cargo News.
The draft document is expected to be finalised at the 58th UNCITRAL session to be held in Vienna July 7 to 23.
negotiable documents, a call for action was launched to invite all governments interested in global trade to participate in the finalisation of the draft UN convention on negotiable cargo documents.
The draft convention establishes negotiable cargo documents as a title representing goods in transit across all modes of transport, which could be used to enhance flexibility in trade, bridge the trade finance gap and support the digital transformation of global trade.
Once finalised, the draft convention will be submitted to the United Nations General Assembly for adoption in late 2025.
Unlike ocean bills of lading, transport documents issued by rail, road and air carriers, which are often known as consignment notes or air waybills in the case of air cargo, are not used as documents of title and cannot be transferred to another party during transport.
SeaNews Turkey
The draft document is expected to be finalised at the 58th UNCITRAL session to be held in Vienna July 7 to 23.
negotiable documents, a call for action was launched to invite all governments interested in global trade to participate in the finalisation of the draft UN convention on negotiable cargo documents.
The draft convention establishes negotiable cargo documents as a title representing goods in transit across all modes of transport, which could be used to enhance flexibility in trade, bridge the trade finance gap and support the digital transformation of global trade.
Once finalised, the draft convention will be submitted to the United Nations General Assembly for adoption in late 2025.
Unlike ocean bills of lading, transport documents issued by rail, road and air carriers, which are often known as consignment notes or air waybills in the case of air cargo, are not used as documents of title and cannot be transferred to another party during transport.
SeaNews Turkey
