The National Competitiveness Center revealed the objectives of the United Nations Convention on Contracts for the International Sale of Goods, after the approval of the Council of Ministers headed by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, may God protect him, after the Center submitted a proposal for the Kingdom to join it.
Agreement for Contracts for the International Sale of Goods
The National Competitiveness Center stated that the approval of the Kingdom’s accession to the United Nations Convention on Contracts for the International Sale of Goods will enable the adoption of regulatory and legislative frameworks for cross-border trade. To adopt a unified system that governs the conclusion of these contracts and promotes the growth of the Saudi economy.
The International Sale Contracts Agreement aims to:
Provide a unified legal framework for concluding contracts for the international sale of goods across borders.
Provide a neutral and independent international regulatory framework for handling disputes over the international sale of goods.
Providing a modern set of legal-economic rules.
Promote cross-border business dealings.
Advantages of the contract agreement for the international sale of goods
The center stated that joining the agreement contributes to the following:
Support for alternative dispute resolution.
Facilitating the selection of the applicable law in the event of a dispute.
Avoid ambiguity about applicable law.
Developing the country’s local contract systems.
Approval of the Agreement on Contracts for the International Sale of Goods
The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, may God protect him, attended the cabinet session held the day before yesterday at the Peace Palace in Jeddah.
At the beginning of the session, the Custodian of the Two Holy Mosques welcomed those coming to the Kingdom from various countries of the world to perform the rituals of Hajj this year 1444 AH, and affirmed – may God protect him – the pride of this blessed country in serving the ancient House of God and the Mosque of His Holy Prophet, may God bless him and grant him peace, and taking care of the affairs of their destinations, and watching over their security. And their safety and comfort with the highest levels of care, care and attention.
The meeting concluded with a number of decisions, including the approval of the Kingdom of Saudi Arabia’s accession to the United Nations Convention on Contracts for the International Sale of Goods.