Latest news with #MLETR
Qatar Tribune
5 days ago
- Business
- Qatar Tribune
Qatar advances to stage 6 in MLETR implementation
Tribune News Network Doha As part of its mission to promote open and efficient trade environments, the International Chamber of Commerce Qatar (ICC Qatar), the national committee of the International Chamber of Commerce (ICC), have announced a major legislative breakthrough with the successful completion of Qatar's first draft law aligned with the UNCITRAL Model Law on Electronic Transferable Records (MLETR). This development marks Qatar's transition from Stage 2 to Stage 6 on the global MLETR adoption tracker, positioning the country at the forefront of digital trade modernisation in the region. On this occasion, Qatar Chamber of Commerce and Industry and ICC Qatar Chairman Sheikh Khalifa bin Jassim bin Mohammed Al Thani said, 'This achievement is a testament to Qatar's commitment to embracing innovation and positioning itself as a global leader in digital trade. By implementing MLETR, we are not only enhancing the competitiveness of Qatari businesses but also fostering an environment of legal clarity, efficiency, and trust across our trade ecosystem.' MLETR, developed by the United Nations Commission on International Trade Law (UNCITRAL), is a pioneering international legal framework that enables the legal use of electronic transferable records—digital equivalents of paper-based trade documents that are essential in domestic and cross-border commerce. These include bills of lading, promissory notes, warehouse receipts, and cheques, all of which facilitate the financing, shipping, and ownership of goods in international trade transactions. ICC Qatar said that under traditional legal systems, many of these documents are required by law or custom to be in paper form in order to demonstrate possession, authenticity, or negotiability. It further noted that MLETR resolves this issue by providing a set of technology-neutral rules that allow such documents to be issued and transferred in a purely digital format, while maintaining their functional equivalence with paper versions. The statement noted that the law outlines a set of key legal requirements for electronic records to ensure their uniqueness, control, integrity, and reliability. These requirements guarantee that only one official version of an electronic record exists at any given time—similar to an original paper document. They also enable verification of the identity of the rightful holder, ensure that the record's contents remain unaltered unless properly authorized, and confirm that the systems and mechanisms managing such records are both trustworthy and auditable. It also clarified that these provisions remove the legal ambiguity surrounding electronic trade documents and enable their recognition in courts and commercial transactions around the world. By aligning its national legislation with the MLETR, Qatar is establishing a strong legal foundation for electronic commerce, helping to reduce costs, accelerate procedures, and enhance transparency and compliance across global supply chains. The new draft law ensures that transferable electronic records carry the same legal effect, validity, and enforceability as their traditional paper-based counterparts. This brings strategic benefits to Qatar's economy and business environment, including the simplification of trade logistics and customs procedures, reduced risks of fraud and document tampering, greater alignment with global digital trade platforms, improved access to trade finance and digital banking services, and enhanced environmental sustainability through reduced paper usage. The ICC Qatar also pointed out that this legislative achievement is the result of a comprehensive national effort led by the Qatar MLETR Taskforce, an ICC Qatar initiative through its Customs & Trade Facilitation Commission. The taskforce brings together experts and decision-makers from government entities, financial institutions, legal professionals, and private sector leaders. The legislative draft was developed with technical assistance from UNCITRAL and the ICC Digital Standards Initiative (DSI), ensuring best-in-class international alignment. As part of the forthcoming phase, the draft legislation will be formally submitted to the relevant authorities and stakeholders in Qatar for thorough review, consultation, and subsequent approval through the appropriate legislative and regulatory channels. This step is essential to ensure alignment with national legal frameworks and to facilitate the effective implementation of the proposed measures. This initiative supports Qatar's broader ambition to become a regional hub for digital commerce, innovation, and regulatory leadership, contributing to the modernisation of trade infrastructure and the seamless integration of Qatari businesses into the global digital economy.
Qatar Tribune
5 days ago
- Business
- Qatar Tribune
Qatar advances to stage 6 in implementation of UNCITRAL Model Law on Electronic Transferable Records
DOHA: The International Chamber of Commerce Qatar (ICC Qatar) has announced the successful completion of Qatar's first draft law aligned with the UNCITRAL Model Law on Electronic Transferable Records (MLETR). This development marks Qatar's transition from Stage 2 to Stage 6 on the global MLETR adoption tracker, positioning the country at the forefront of digital trade modernization in the region. On this occasion, Chairman of the Qatar Chamber of Commerce and Industry and ICC Qatar HE Sheikh Khalifa bin Jassim bin Mohammed Al Thani stated: 'This achievement is a testament to Qatar's commitment to embracing innovation and positioning itself as a global leader in digital trade. By implementing MLETR, we are not only enhancing the competitiveness of Qatari businesses but also fostering an environment of legal clarity, efficiency, and trust across our trade ecosystem.' MLETR, developed by the United Nations Commission on International Trade Law (UNCITRAL), is a pioneering international legal framework that enables the legal use of electronic transferable records—digital equivalents of paper-based trade documents that are essential in domestic and cross-border commerce. These include bills of lading, promissory notes, warehouse receipts, and cheques, all of which facilitate the financing, shipping, and ownership of goods in international trade transactions. In a statement issued by the ICC Qatar, it said that under traditional legal systems, many of these documents are required by law or custom to be in paper form in order to demonstrate possession, authenticity, or negotiability. It further noted that MLETR resolves this issue by providing a set of technology-neutral rules that allow such documents to be issued and transferred in a purely digital format, while maintaining their functional equivalence with paper versions. The statement noted that the law outlines a set of key legal requirements for electronic records to ensure their uniqueness, control, integrity, and reliability. These requirements guarantee that only one official version of an electronic record exists at any given time—similar to an original paper document. They also enable verification of the identity of the rightful holder, ensure that the record's contents remain unaltered unless properly authorized, and confirm that the systems and mechanisms managing such records are both trustworthy and auditable. It also clarified that these provisions remove the legal ambiguity surrounding electronic trade documents and enable their recognition in courts and commercial transactions around the world. By aligning its national legislation with the Model Law on Electronic Transferable Records (MLETR), Qatar is establishing a strong legal foundation for electronic commerce, helping to reduce costs, accelerate procedures, and enhance transparency and compliance across global supply chains. The new draft law ensures that transferable electronic records carry the same legal effect, validity, and enforceability as their traditional paper-based counterparts. This brings strategic benefits to Qatar's economy and business environment, including the simplification of trade logistics and customs procedures, reduced risks of fraud and document tampering, greater alignment with global digital trade platforms, improved access to trade finance and digital banking services, and enhanced environmental sustainability through reduced paper usage. This legislative achievement is the result of a comprehensive national effort led by the Qatar MLETR Taskforce, an ICC Qatar initiative through its Customs & Trade Facilitation Commission. The taskforce brings together experts and decision-makers from government entities, financial institutions, legal professionals, and private sector leaders. The legislative draft was developed with technical assistance from UNCITRAL and the ICC Digital Standards Initiative (DSI), ensuring best-in-class international alignment. As part of the forthcoming phase, the draft legislation will be formally submitted to the relevant authorities and stakeholders in Qatar for thorough review, consultation, and subsequent approval through the appropriate legislative and regulatory channels. This step is essential to ensure alignment with national legal frameworks and to facilitate the effective implementation of the proposed measures. This initiative supports Qatar's broader ambition to become a regional hub for digital commerce, innovation, and regulatory leadership, contributing to the modernization of trade infrastructure and the seamless integration of Qatari businesses into the global digital economy.
