UNCITRAL

Why in news?

• India hosted the inaugural United Nations Commission on International Trade Law (UNCITRAL) South Asia Conference recently.

More about the news:

• 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

About UNCITRAL:

• 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.
• 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.
• India is a founding member of UNCITRAL

PRACTICE QUESTION:

Consider the following statements:

1. It is the principal legal entity within the United Nations system

2. India is a founding member of UNCITRAL

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

Answer