- A special focus on the legal infrastructure of IMO has been maintained in order to strengthen the global structure.
- UAE’s Contribution played a significant role towards the development of maritime strategies and policies.
- Inevitable challenges however, pose a threat to the Legal Infrastructure and to overcome them is to accept the forthcoming changes.
The maritime legal infrastructure of the IMO is well-established, however, maintaining a special focus on this key pillar of the industry by bolstering it will enable the organization to continue elevating its global shipping stature, says an article put forth by SeaTrade News.
Participation and Promotion
The United Arab Emirates recently attended the 109th session of the International Maritime Organization’s (IMO) Legal Committee meetings to examine major maritime concerns and best international practices. This underlines the country’s commitment to serving the IMO’s objectives, developing the global maritime industry, and promoting its competitiveness. The UAE has been re-elected three times in a row, and got the highest number of votes in the last IMO elections held in December 2021. Every year, more than 25,000 ships from all over the world arrive at the UAE’s ports.
The Biggest Challenge
One of the most significant difficulties facing the maritime industry worldwide is the development of the legal system. Because the process takes years, commercial laws are often outmoded and irrelevant to their context, as if they were written in another period. The UAE’s proposal to make international treaties flexible, self-updating, and amendable in light of current commercial and economic facts is critical. It will be of considerable assistance to ship owners and other marine industry participants who are suffering as a result of outdated laws.
- Developing a flexible and dynamic mechanism for assessing the value of inflation for estimating civil liability under the LLMC Convention
- Preparing a thorough investigation into ship registration fraud.
- To address the common challenges connected to Maritime Autonomous Surface Ships, the Maritime Safety Committee, the Legal Committee, and the Facilitation Committee have formed a collaborative team (MASS).
- Developing claim procedures in accordance with the International Convention on Civil Liability for Bunker Oil Pollution Damage of 2001.
All of the UAE’s ideas to improve the IMO’s legal system will considerably improve the marine industry’s capabilities. Maritime laws are a critical component in encouraging investors and businesses to invest in the sector. Furthermore, new legal frameworks must be built to keep up with the new and developing technologies that are being developed and deployed to modernize marine infrastructure around the world, such as autonomous ships and artificial intelligence.
Global Marine Market
The legal and maritime sector issues are to be expected in a location that has grown so quickly as a maritime semi-center. The global marine market has been challenged by a number of difficulties that have affected not only traditional shipping but also the offshore industry. Fees and volume of work have been under pressure for the last 5-10 years.
A growing and changing regulatory landscape, as well as a lack of specialized marine courts with judges with knowledge in maritime cases, have all posed challenges. Furthermore, adherence to “old” marine laws is problematic in moving the regional sector forward and improving worldwide significance. With a shortage of supportive finance in support of maritime assets and rising living costs rounding out the industry’s primary issues, the question remains: what can be accomplished in the next ten years to fine-tune the legal side of maritime?
As a result, the IMO’s legal infrastructure will continue to support the industry, but the ever-increasing challenge that most businesses in the region face – increasing regulations, new(ish) risks such as cyber security, and increased use of technology – will continue to put pressure on the industry, which is nothing new. Maritime attorneys have always been under pressure, but those who adapt and accept change are the ones who will enjoy the race and finish first in the vote.
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Source: SeaTrade Maritime News