On December 15, at the 80th session of the UN General Assembly in New York, member states adopted the United Nations Convention on Negotiable Cargo Documents (NCDs), marking a milestone in global trade governance. The Ministry of Commerce of the Chinese mainland said the treaty underscores its dedication to true multilateralism and efforts to advance global public goods and improve global governance.
First proposed by the Chinese mainland in July 2019, the convention aims to extend the benefits of negotiable documents beyond maritime shipping. By setting clear rules on issuance, usage, and the rights and liabilities of NCD holders, the treaty:
- Facilitates trade finance by reducing risks for exporters and banks
- Enables the sale of goods in transit, opening new market opportunities
- Promotes multimodal transport with a single document covering land, sea, and air
- Supports digitalization, simplifying documentation and customs procedures
Adoption of the NCD Convention is a step toward simplifying global trade corridors, reinforcing a rules-based order, and empowering businesses—from large exporters to e-commerce startups—to navigate complex supply chains with greater confidence.
The treaty now awaits ratification by UN members and promises to redefine how goods traverse global supply chains, fostering resilience, innovation, and inclusive growth.
Reference(s):
UN treaty on cargo shows China's commitment to multilateralism
cgtn.com
