VALLETTA, June 20 (Xinhua) — Malta and six other countries on Wednesday signed the United Nations Convention on the International Effects of the Judicial Sale of Ships, also known as the Beijing Convention on the Judicial Sale of Ships.
In a ceremony chaired by the President of Malta, Myriam Spiteri Debono, the document was signed by Croatia, Cyprus, Italy, Malta, Spain, Ivory Coast and Antigua and Barbuda.
The document, adopted in 2022 by the United Nations General Assembly, aims to resolve the problem of cross-border recognition of the judicial sale of ships, which helps to protect the incentives of financial institutions in financing ships and to promote the development of international maritime transport and trade.
The first signing ceremony of the convention took place in September 2023 in Beijing, when 15 countries and regions, including China, Switzerland, Singapore and Saudi Arabia, signed the convention.
