The UN Convention on the Assignment of Receivables in International Trade: Advancing Ratification and What This Means for Trade

Ratification by the United States of the United Nations Convention on the Assignment of Receivables in International Trade (the “Convention”) in October 2019 marked an important and long-overdue step in advancing global adoption of this Convention. An apolitical and bipartisan technical solution to a series of commercial finance problems and not at all related to the current trade tensions, the Convention could have global, game-changing implications for businesses of all sizes to access more financing in support of international trade. In this Legal Update, Rebecca O. Fruchtman, Mayer Brown counsel, and Alexander R. Malaket, OPUS Advisory Services International president, discuss the potential impact of US ratification, the problems that the Convention addresses, its objectives, its key features, and next steps necessary for it to enter into force.