UNCITRAL
- INTERNATIONAL
News:
Reforms to align Indian
laws with UNCITRAL Model Law ongoing: Senior Advocate Gourab Banerji
What's
in the news?
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During a recent lecture at Queen Mary
University of London, Senior Advocate Gourab Banerji highlighted the divergent
approaches adopted by India and the United Kingdom (UK) with regard to the
United Nations Commission on International Trade Law (UNCITRAL) Model Law on
international commercial arbitration.
United
Nations Commission on International Trade Law (UNCITRAL):
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It was established by the UN General
Assembly in 1966 to promote the progressive harmonisation and unification of
international trade law.
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It is the core legal body of the United
Nations system in the field of international trade law.
Objective:
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It also aims to modernize and harmonize
rules on international business.
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It provides a legislative framework that
can be adopted by countries with modifications to suit the domestic context of
the enacting jurisdiction.
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It allows foreign professionals and
creditors direct access to domestic courts and enables them to participate in
and commence domestic insolvency proceedings.
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It allows recognition of foreign
proceedings and enables courts to determine relief accordingly.
Members:
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The Commission comprises 60 member States
elected by the United Nations General Assembly for a term of six years.
Membership is structured to ensure representation of the world’s various
geographic regions and its principal economic and legal systems.
India
and UNCITRAL:
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India is a founding member of UNCITRAL.
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India is only one of eight countries which
have been a member of UNCITRAL since its inception.
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Last time, it was re-elected for a term of
six years (2016-2022).