A representative of China signs the United Nations Convention on the International Effects of Judicial Sales of Ships, also known as the Beijing Convention on the Judicial Sale of Ships, at a signing ceremony in Beijing, capital of China, Sept 5, 2023. (PHOTO / XINHUA)

BEIJING - A signing ceremony for the United Nations Convention on the International Effects of Judicial Sales of Ships, also known as the Beijing Convention on the Judicial Sale of Ships, took place in Beijing on Tuesday.

The document, adopted in December last year by the UN General Assembly, is aimed at solving cross-border recognition of judicial sale of ships, which helps protect the incentives of financial institutions in ship financing and promote the development of international shipping and trade.

Representatives from 34 countries and regions attended the ceremony, and 15 countries and regions, including China, Switzerland, Singapore, and Saudi Arabia, became the first signatories to the convention.

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A representative of Switzerland signs the United Nations Convention on the International Effects of Judicial Sales of Ships, also known as the Beijing Convention on the Judicial Sale of Ships, at a signing ceremony in Beijing, capital of China, Sept 5, 2023. (PHOTO / XINHUA)

The convention has filled the gaps in relevant international rules in maritime commerce, which is conducive to reducing the transaction costs of the judicial sale of ships and will safeguard the stability of several rights, such as the ownership of ships, said China's Vice-Minister of Commerce Wang Shouwen, who signed the document on behalf of the country.

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He expects the convention to play a positive role in promoting the transaction of ships, the development of shipping, and global trade.