Kuwait has obtained a full membership in the United Nations Commission on International Trade Law (UNCITRAL) which would be beneficial to support the Gulf Cooperation Council states' (GCC) legislative infrastructure, GCC-CAC chief noted Saturday.
Secretary General of GCC Commercial Arbitration Center (GCC-CAC) Ahmad Najim told KUNA that by gaining a full membership at the UNCITRAL, Kuwait would be able to fully participate in this UN body's meetings and make a difference in the decision-making processes. Kuwait would also be able to acquire the necessary experiences in stipulating legislations in commerce and law; a much needed tool in forming legislations in the upcoming period where Kuwait would start implementing giant development projects in partnership with international companies.
He added that Kuwait Chamber of Commerce and Industry is to hold a seminar, next month, on the future of GCC-CAC after Kuwait joining of the UNCITRAL. The seminar will discuss the local bodies' readiness in providing the right environment, through setting well-considered trade and law legislations, for local and international investments.
UNCITRAL is established by the United Nations General Assembly by resolution 2205 of 17 December 1966. It plays an important role in developing legal framework for the facilitation of international trade and investment. It strives to harmonize and modernize the law of international trade by preparing and promoting the use and adoption of legislative and non-legislative instruments in a number of key areas of commercial law.
Members of UNCITRAL are selected from among States Members of the United Nations and represent different legal traditions and levels of economic development. The original membership comprised 29 States. It was expanded by the United Nations General Assembly in 1973 to 36 States and again in 2002 to 60 States.
Kuwait has been granted the membership last month and will continue to be a full participating member until year 2019. (end) mga.nfm KUNA 281804 Dec 13NNNN