Kuwait voiced content over adopting the final draft for 'transparency' agreement on contractual arbitration between investors within the United Nations Commission on International Trade Law (UNCITRAL).
This came in a speech delivered by Abdulaziz Al-Ibrahim, Third Secretary of the Permanent Mission of Kuwait to the UN late on Friday, to the committee for commercial law; an offshoot of the UN General Assemly's 69th session.
In November 2012, Kuwait was elected by UN General Assembly to be a full member at UNCITRAL.
Al-Ibrahim lauded UNCITRAL's role in resolving international economic disputes, noting at the same time that Kuwait looks forward to contributing to the development of UNCITRAL's activities, to which boosts UN capability in taking a vital role in the field of international trade and e-legislations.
In addition, Al-Ibrahim stressed importance of strengthening UNCITRAL's role in the international trade law as to reinstate the rule of law and beef up the Commission's work in developing international economic relations, as well as its activities in settling disputes of internet-related and e-trade transactions.