The United Nations General Assembly has adopted a convention granting legal recognition to negotiable cargo documents across all transport modes, reports London's Air Cargo News.
The new framework allows goods to be bought, sold or used as collateral while in transit. Freight forwarder group FIATA described the adoption as a significant milestone for international trade, multimodal transport and the digitisation of supply chains.
Unlike ocean bills of lading, air waybills and other transport documents have not traditionally served as documents of title. The convention establishes negotiable cargo documents as transferable titles, enhancing trade flexibility and bridging the trade finance gap.
The convention can be applied without altering existing processes, requiring only a notation on the bill of lading. FIATA said it provides a harmonised, technology-neutral legal framework for both paper and electronic records, ensuring legal equivalence and preserving liability regimes.
A formal signing ceremony is expected in the second half of 2026, with the convention entering into force once 10 states ratify it. FIATA urged governments and industry stakeholders to support early ratification to realise benefits quickly.
The convention has been under development since 2024 and gained approval from the United Nations Commission on International Trade Law in July 2025.
https://www.shippingazette.com/news?news_id=9251200000795
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