The National Industrial Transportation League (NITL) said it applauds the “growing support of countries in signing on to a new international cargo liability convention known by its informal title as the Rotterdam Rules."
The new convention has been the subject of years of negotiations within the United Nations working group known as the UN Commission on International Trade Law (UNCITRAL).
At the ceremony on September 23rd, the United States and 15 other countries signed the Rotterdam Rules, named for the city where the signing occurred, indicating their formal intent to adopt the provisions of the new convention into their own national law.
"The support of the signing countries evidences the need to adopt a modern liability regime which effectively reflects today's shipping practices. Clearly this would not have been possible without the input of all industry sectors working together to identify the principles which could be incorporated into an international convention," said Bruce Carlton, president of NITL.
The new convention will remain open for additional signatories. The UN added that the percentage of world trade covered by the 16 original signatures is 25.76% which is significantly higher than the previous liability convention known at the Hamburg Rules.