After a seven-year process, Thailand has ratified a global treaty that will bring an end to the "liability lottery" that passengers, shippers and airlines now face.
The country earlier this month became the 127th party to adopt the Montreal Convention of 1999 (MC99), which gives passengers and airlines a common set of rules that bring simplicity and reduce the chances of long and complex litigation processes.
MC99 modernises and replaces the limits on liability set by the Warsaw Convention, which was established in 1929 and last amended in 1975.
For passengers travelling internationally, MC99 means better protection and fairer compensation when a flight is delayed; when baggage is lost, delayed or damaged; or on the rare occasion when there is an accident causing injury or loss of life.
In his latest blog post, Alexandre de Juniac, director-general of the International Air Transport Association (IATA), said Thailand's MC99 adoption reflects an understanding that MC99 is critical for Thailand's aviation industry to reach its full potential.
"With Thailand set to rank among the world's top 10 aviation markets by 2032 that potential is significant," Mr de Juniac said. "Already aviation supports 3.3 million jobs and US$48 billion of economic activity in the Kingdom."
While not immediately apparent, MC99 will also give a boost to trade. Goods shipped internationally require a lot of documentation, and knowing their value, content and place of origin is essential.
If shipped using rules dating back four decades, all the documentation is paper-based.
Each year, airlines carry goods with a total value of $7.2 trillion -- about a third of world trade.
MC99 sets the framework for those goods to be processed electronically.
Technology is a key element of the World Trade Organization's Trade Facilitation Agreement, which when fully implemented is expected to cut the cost of trade by 14% and boost exports by 3.5% annually, Mr de Juniac said.
In Asia, he is urging Cambodia, Sri Lanka and Vietnam to ratify MC99.