New Convention on the use of electronic information in international transactions

The UN General Assembly adopted a new convention on the use of electronic information in international transactions, submitted yesterday by the UN's e-commerce expert group on International Trade Law.

In the new convention, the existing legal instruments for e-transactions such as the Model Law on e-commerce and the Model Law on e-signatures have been added and enhanced.

This is to eliminate obstacles to the use of electronic information in transactions, international trade contracts, international trade through new technologies such as electronic mail, electronic data exchange. and use the Internet.

The new Convention confirms standards to ensure equal legal value between paper documents and electronic documents in international transactions, so that contracts are negotiated and signed through electronic information. are valid and enforceable equivalent to traditional bargaining contracts. Based on that foundation, the convention is evaluated as an important legal tool to enhance international trade on the basis of taking advantage of the global Internet.

UN member countries have two years to sign public estimates from January 16, 2006. Six months after the UN receives the third ratification of the signatory countries, this document will take effect internationally.

YEW