Pakistan has called for eliminating discrimination in international trade and the removal of legal difficulties affecting developing countries. "The existing structural imbalances in the international trade regime also need to be addressed," Pakistani delegate Sardar Jamal Khan told the General Assembly legal committee on Monday.
Speaking in a debate on report of the United Nations Commission on International Trade Law (UNCITRAL), he said Pakistan believed progressive modernisation and harmonisation of the law would significantly contribute to the economic cooperation among all states. But that cooperation must be based on the principles of equality, equity, common interest and respect for the rule of law, he added.
Sardar Jamal said Pakistan supported key objectives of the UNCITRAL draft legislative guide on secured transactions, including promotion of secured credit.
However, it saw an inherent imbalance in promotion an enforcement of a creditor's rights in a predictable and efficient manner as compared to the rights of other parties. UNCITRAL's recommendations had adequately covered priority of a security right as against the rights of competing claims, the Pakistani delegate said.
The recommendations would provide the basis for an efficient and predictable regime to determine the priority of a security right as against competing claims. They would facilitate transactions by which a grantor could create more than one security right. He supported a contractual obligation as a basis for creation of a security right.
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