UN treaty on cargo shows China's commitment to multilateralism: Commerce ministry

The United Nations Convention on Negotiable Cargo Documents, adopted earlier this week, underscores China's commitment to true multilateralism and its efforts to provide global public goods and advance the reform and improvement of global governance, the Ministry of Commerce said on Wednesday.

The convention was formally adopted by the 80th session of the UN General Assembly on December 15 in New York.

China has served as both the proposer and a key driving force behind the convention, having submitted a formal proposal on the issue as early as July 2019.

According to a statement on the UN's website, the convention aims to extend the benefits of negotiable documents beyond maritime transport. By establishing clear rules on the issuance and use of negotiable cargo documents (NCDs), as well as on the rights and liabilities of NCD holders, the convention seeks to facilitate trade finance, enable the sale of goods in transit, promote multimodal transport, and support the digitalization of global trade.

In addition, it allows for the use of a single NCD to cover the entire transport journey, simplifying documentation, improving operational efficiency, and easing customs clearance procedures.

(Cover: Building of China's Ministry of Commerce. /VCG)