Representatives of the Permanent Mission of China to the United Nations in Vienna and UNCITRAL attend a reception themed “From Chongqing to Accra: The Birth of a New Convention” at the United Nations Office in Vienna on December 16. (Photo/Permanent Mission of China in Vienna)

Vienna - On December 16, the Permanent Mission of China to the United Nations in Vienna and the United Nations Commission on International Trade Law (UNCITRAL) jointly hosted a reception themed “From Chongqing to Accra: The Birth of a New Convention” at the United Nations Office in Vienna, marking the adoption of the United Nations Convention on the Assignment of Receivables in International Trade at the 80th session of the UN General Assembly.

In his remarks, Ambassador Li Song, Permanent Representative of China to the United Nations Office in Vienna and other international organizations, noted that Chongqing is a key departure point for the China-Europe Railway Express. He explained that the idea for the convention originated from the innovative use of cross-border railway waybills by enterprises in Chongqing and Sichuan to facilitate financing in China-Europe trade. Building on this practical experience, China proposed the development of new international rules to UNCITRAL in 2019 and jointly launched the multilateral legislative process in Chongqing. Over the past six years, China and UNCITRAL member states have engaged extensively with governments, industry stakeholders, and scholars, ultimately driving the convention to adoption and approval by the General Assembly.

Ambassador Li emphasized that the convention fills a legal gap concerning the assignability of transport documents in cross-border trade, particularly for landlocked countries. It will facilitate diversified financing based on transport documents, promote trade development, and support economic growth, especially for inland economies. Advancing the convention in cooperation with all parties, he added, reflects China’s commitment to President Xi Jinping’s Global Development Initiative, Global Governance Initiative, and the high-quality implementation of the Belt and Road Initiative. In today’s complex international landscape, the convention’s realization demonstrates that international cooperation and genuine multilateralism can continue to deliver meaningful outcomes within the UN framework.

UNCITRAL Secretary-General Jan Eliasson-Bright and Ms. Zewanka, Chair of the Working Group overseeing the convention negotiations, recalled the drafting and negotiation process and praised China’s leading role throughout. They noted that, following the 2022 Beijing Convention on the Judicial Sale of Ships, the new convention represents another major international public good jointly developed by UNCITRAL member states, highlighting the effectiveness of timely multilateral cooperation in promoting global trade. The Permanent Mission of Ghana expressed its expectation of hosting the convention’s signing ceremony in 2026 in Accra, home to the African Continental Free Trade Area Secretariat.

Attending guests widely remarked that the convention’s adoption and approval stand out as a rare and positive highlight for the UN’s trade and development work this year. Participants expressed strong support for advancing the signing process and for promoting the convention’s early entry into force.