The Cabinet’s approval for the Kingdom to join the UN convention on the international sale of goods (CISG) reflects the Saudi government's efforts to boost the growth of the business sector and bolster the integration of local economy with regional and global peers, Saudi Press Agency reported, citing Saudi Minister of Commerce, Majid Al-Qasabi.
Accordingly, the regulatory and legislative framework for the cross-border trade exchange will be adopted, which will help establish a unified system for such contracts. It will also enhance the Saudi economy as 95 countries joined the agreement, representing one third of the world economy.
Further, the move will contribute to supporting alternatives to settling disputes, as it will facilitate referring to the law to be applied in the event of a dispute.
The Cabinet has lately approved Saudi Arabia’s accession to the CISG convention, Argaam earlier reported.