UNCITRAL South Asia Conference:
India hosted the inaugural United Nations Commission on International Trade Law (UNCITRAL) South Asia Conference recently.
- The conference aimed to strengthen India’s engagement with UNCITRAL and encourage interaction between UNCITRAL, the judiciary, bureaucracy, academia, and the legal fraternity.
- It was organized jointly by the Ministry of External Affairs, UNCITRAL, and the organization’s national coordination committee for India.
- The conference covered various topics, including the digital economy, MSMEs and access to credit, insolvency, investor-state dispute settlement reform, international commercial arbitration, and mediation.
- The event also highlighted India’s potential as a hub for international arbitration.
- It stands for the United Nations Commission on International Trade Law.
- It is the principal legal entity within the United Nations system dedicated to international trade law.
- UNCITRAL is a legal body with universal membership that specializes in commercial law reform worldwide.
- It has been working for over 50 years to modernize and harmonize rules on international business.
- UNCITRAL’s primary goal is to facilitate international trade by creating legal frameworks and instruments that promote fairness, transparency, and efficiency in cross-border commercial transactions.