Kuwait Affirms Commitment To Enhance Int’l Trading Laws

Date

12/21/2024 9:06:46 AM

(MENAFN- Kuwait News Agency (KUNA))

VIENNA, Dec 21 (KUNA) — Kuwait affirmed on Saturday its commitment towards developing international trading laws and cooperation in legal and economic fields.
This came in a statement to KUNA by head of the Kuwaiti delegation, First Deputy Munira Al-Obaidi from Legal Advice and Legislation Department, following her participation in the work of the sixty-fifth session of UN Commission on International Trade Law (UNCITRAL), which concluded its work Friday at the UN headquarters in Vienna.
Al-Obaidi explained the importance of this participation in strengthening the legal system of Kuwait and benefiting from the international expertise provided by UNCITRAL, noting that these meetings are a vital platform for exchanging ideas and experiences between member states, contributing to developing local laws to keep pace with global developments.
She said that the Fifth Working Group held extensive discussions on pivotal issues, including tracking and recovering assets in insolvency procedures and determining the law applicable to those procedures, with a focus on objectives and formulating appropriate legal definitions.
The team also discussed the law of the state of the insolvency court, including the exceptions contained therein, and the implications of its application, added Al-Obaidi, saying the meetings also touched on payment systems, clearing and settlement, and financial markets subject to regulatory regulation.
Discussions also included lock-in compensation under eligible financial contracts, whether inside or outside regulated systems, in addition to recognizing the effects of the law of the state of the insolvency court and other laws applied by foreign courts.
Al-Obaidi stressed that these issues, despite their complexity, are of great importance for enhancing the stability of the legal and economic systems at the local and international levels.
She pointed out that such discussions contribute to reaching international consensus on complex legal issues, which supports the stability of commercial markets and helps meet the challenges of economic globalization.
Al-Obaidi praised the role played by the Legal Advice and Legislation Department in modernizing national legislation, explaining that Kuwait always seeks to harmonize its laws with international best practices, especially in the areas of bankruptcy, insolvency and regulation of financial markets.
In this context, Al-Obaidi cited in her speech the issuance of Law No. 71 of 2020 regarding bankruptcy, which represents a qualitative shift in dealing with insolvency cases.
She explained that the law aims to enhance the business environment by providing balanced solutions to bankruptcy that guarantee the protection of creditors and debtors and enhance transparency and legal clarity in line with modern trends in international commercial laws discussed by the UNCITRAL Committee.
Al-Obaidi affirmed Kuwait’s full commitment to supporting UNCITRAL’s efforts to develop international trade law in a way that contributes to achieving economic stability and sustainable development at the global level.
The Kuwaiti delegation from the Legal Advice and Legislation Department that was headed by First Deputy Munira Al-Obaidi from the Legislation Sector, included First Deputy Fatima Al-Roumi from the Contracts Sector. (end)
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