Chongqing - Government officials, international organizations, logistics firms and financial institutions gathered in Chongqing on June 1 to advance the United Nations Convention on Negotiable Cargo Documents (NCD Convention), a new legal framework aimed at facilitating multimodal trade, digital documentation and cross-border financing.

The promotion event "From Chongqing to Accra: The UN Convention on Negotiable Cargo Documents to Build a New Inclusive Global Trade Prospect" kicked off in Chongqing on June 1, 2026. (Photo/Zheng Ran)

The convention was adopted by the 80th session of the United Nations General Assembly on December 15, 2025. Its signing ceremony is scheduled for October 26, 2026, in Accra, Ghana.

Anna Joubin-Bret, Secretary of the United Nations Commission on International Trade Law, said the NCD Convention creates the first unified legal framework for NCDs across sea, rail, air and road transport.

"It allows goods in transit to be represented by a single negotiable document, including in electronic form," Joubin-Bret said. She described the convention as a "game changer" for international trade and said it would support "smoother, more efficient, inclusive and digitally connected global commerce."

Joubin-Bret also highlighted Chongqing's role in the convention's development. She said the city has become an important center for logistics innovation, multimodal transport, and digital trade, and was closely linked to the early discussions that inspired international work on the convention.

Participants attend the promotion event "From Chongqing to Accra: The UN Convention on Negotiable Cargo Documents to Build a New Inclusive Global Trade Prospect" in Chongqing on June 1, 2026. (Photo/Zheng Ran)

At the event, organizers launched a Public Service Platform for NCDs. The platform integrates logistics, financing, warehousing, and trade services, allowing users to issue, transfer, verify, finance, and pledge negotiable cargo documents through a single system.

Officials said the platform can reduce document issuance and circulation times from two days to two hours, while shortening financing approval periods from nearly one month to three days. The platform has already processed 39 pilot NCD transactions and is expected to incorporate customs, taxation, and foreign-exchange data in future phases.

For businesses involved in international logistics, the convention addresses a long-standing issue surrounding cargo ownership rights in land-based transportation. Chen Si, Vice President of Rail and Road Products at Germany-based Hellmann Worldwide Logistics, said there has historically been no clear definition of cargo ownership rights attached to documents used in overland freight.

"With this convention, customers will be able to choose different trade models more efficiently and flexibly when conducting international trade," Chen said. She noted that uncertainty surrounding the transfer of cargo rights has long limited broader adoption of rail, road and multimodal transport options, including China-Europe freight trains and cross-border trucking services.

According to Aksu, new rules covering land, rail, and multimodal transport operations could create significant opportunities for companies and governments involved in cross-border logistics and rail services between Asia and Europe.

"In practice, goods in transit could be bought, sold, or used as collateral," Zevon said, adding that this could improve access to trade finance, particularly for micro, small, and medium-sized enterprises (MSMEs). He said the convention could reduce trade complexity, lower costs, support multimodal transport, and advance the digital transformation of global trade.

The event also saw the launch of a global industry initiative jointly supported by 60 companies and organizations from the production, trade, logistics, finance, and insurance sectors. Participants included COSCO Shipping, China Merchants Group, China Changan Automobile Group, PSA Singapore, and several financial institutions and industry associations. The initiative calls for greater cross-border recognition of NCDs, wider data sharing, financial innovation, and international cooperation to accelerate implementation of the convention.

Chinese and international companies jointly launch the Co-Building Rules and Ecosystem- An Initiative to Promote Innovative Practices of the United Nations Convention on the Negotiable Cargo Documents. (Photo/Zheng Ran)

With the Accra signing ceremony less than five months away, participants in Chongqing said the next phase will focus on translating the convention from an international legal text into practical tools for trade, logistics, and financing across multiple transport modes.