United Nations Commission on International Trade Law - UNCITRAL

AAA

DEFINITION of 'United Nations Commission on International Trade Law - UNCITRAL'

A United Nations-sponsored commission that seeks to create a forum for countries to come together and set international trade law standards. The United Nations Commission on International Trade Law (UNCITRAL) meets annually to discuss matters of international trade, with meetings alternating between Austria and the United States. Working groups meet outside the annual conference.

INVESTOPEDIA EXPLAINS 'United Nations Commission on International Trade Law - UNCITRAL'

UNCITRAL was established by the UN General Assembly in 1966. The rise of international trade during the 20th century necessitated that countries cooperate in order to increase trade efficiencies and reduce the possibility of a trade way. While the commission has a set membership, non-member countries and organizations are able to contribute during the work sessions but are not allowed to vote.

RELATED TERMS
  1. Continuous Bond

    A financial guarantee commonly used in international trade that ...
  2. Smoot-Hawley Tariff Act

    U.S. law enacted in June 1930 which caused an increase in import ...
  3. Bilateral Trade

    The exchange of goods between two countries. Bilateral trade ...
  4. International Monetary Fund - IMF

    An international organization created for the purpose of: 1. ...
  5. Globalization

    The tendency of investment funds and businesses to move beyond ...
  6. Organization for Economic Cooperation ...

    A group of 30 member countries that discuss and develop economic ...
RELATED FAQS
  1. What are the legal regulations on delivery duty paid?

    Legal regulations vary on delivery duty paid (DDP) based on the products being shipped as well as the location they are being ... Read Full Answer >>
  2. What risks does a business owner face under a business structure with unlimited liability?

    The risks that a business owner faces under a business structure with unlimited liability are literally unlimited, but they ... Read Full Answer >>
  3. What is affected by the interest rate risk?

    Interest rate risk is the risk that arises when the absolute level of interest rates fluctuate. Interest rate risk directly ... Read Full Answer >>
  4. Why is a Free on Board (FOB) designation important for freight transportation?

    A free on board (FOB) designation specifies whether the buyer is responsible for freight charges and determines the obligations ... Read Full Answer >>
  5. How does the International Chamber of Commerce define the term 'Free on Board' (FOB)?

    The International Chamber of Commerce (ICC) is one of world's largest business organizations and has published a set of trade ... Read Full Answer >>
  6. What determines if an international trade is Ex Works (EXW) or Free on Board (FOB)?

    "Ex works" (EXW) and "free on board" (FOB) are international trade terms that dictate the responsibilities of buyers and ... Read Full Answer >>
Related Articles
  1. Economics

    Sanctions Between Countries Pack a Bigger Punch Than You Might Think

    In response to Russia's annexation of Crimea, in March 2014 the West slapped sanctions on dozens of Russian hotshots. So what, you ask? Well, sancitons can pack a bigger punch than you might ...
  2. Economics

    Exploring The Current Account In The Balance Of Payments

    Learn how a country's current account balance reflects the country's economic health.
  3. Personal Finance

    What Is International Trade?

    Everyone's talking about globalization, so we explain what is it and why some oppose it.
  4. Economics

    Globalization: Progress Or Profiteering?

    Proponents of globalization argue that it helps the economies of developing nations and makes goods cheaper, while critics say that globalization reduces domestic jobs and exploits foreign workers. ...
  5. Economics

    Do Cheap Imported Goods Cost Americans Jobs?

    Flooding the market with cheap products can mean job losses and even market collapse - but dumping isn't as threatening as it seems.
  6. Economics

    West Coast Vs. East Coast Economy

    The East’s focus on finance and banking contrasts the West’s drive toward technological innovation. But one thing is clear--each knows it needs the other.
  7. Investing Basics

    What is a Nominal Value?

    The nominal value of a security, such as a stock or bond, remains fixed for the duration of its life.
  8. Economics

    Explaining the Human Development Index

    The Human Development Index (HDI) is a metric developed by the United Nations to take the emphasis off economic growth and focus on human wellbeing.
  9. Economics

    Gaining Market Influence-- The Case of US Shale

    A convergence of sustained bank financing, falling production costs and rising oil prices might position the US shale industry for a greater market role.
  10. Investing

    Why Some Investors Are Tilting Toward TIPS

    Last month’s five-year TIPS auction drew nearly $48 billion in interest, a sign of recent renewed demand for this inflation indexed asset among investors.

You May Also Like

Hot Definitions
  1. Net Worth

    The amount by which assets exceed liabilities. Net worth is a concept applicable to individuals and businesses as a key measure ...
  2. Stop-Loss Order

    An order placed with a broker to sell a security when it reaches a certain price. A stop-loss order is designed to limit ...
  3. Covered Call

    An options strategy whereby an investor holds a long position in an asset and writes (sells) call options on that same asset ...
  4. Butterfly Spread

    A neutral option strategy combining bull and bear spreads. Butterfly spreads use four option contracts with the same expiration ...
  5. Unlevered Beta

    A type of metric that compares the risk of an unlevered company to the risk of the market. The unlevered beta is the beta ...
  6. Moving Average - MA

    A widely used indicator in technical analysis that helps smooth out price action by filtering out the “noise” from random ...
Trading Center