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. World Trade Organization - WTO

    An international organization dealing with the global rules of ...
  5. International Monetary Fund - IMF

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

    The tendency of investment funds and businesses to move beyond ...
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 >>
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

    How Terrorism Affects Markets and the Economy

    Terrorism causes quantifiable short-term and long-term costs. After major terror attacks, markets tend to drop quickly but recover within a year.
  7. Economics

    Iron Ore Market: Falling Into The Hands Of A Few

    The big iron ore mining companies have embarked on a drive to increase supply, reduce cost, and take market share.
  8. Stock Analysis

    What’s The Best Airline Stock In the Industry?

    With many airlines forced to seek bankruptcy protection, Southwest Airlines stands out as having consistently remained profitable throughout its history.
  9. Investing News

    Sun Pharma And Ranbaxy: An Ideal Pharma Marriage?

    The Sun Pharma merger with Ranbaxy will blend the complementary market strengths and areas of expertise of each company and create a powerful pharma force.
  10. Economics

    Growth and Stabilization In The Global Economy

    The continued advance for stocks implies a stabilization in international economies, which indicates global growth is steadying after declining last year.

You May Also Like

Hot Definitions
  1. Fixed Cost

    A cost that does not change with an increase or decrease in the amount of goods or services produced. Fixed costs are expenses ...
  2. Subsidy

    A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy ...
  3. Sunk Cost

    A cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business ...
  4. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, engineering, scientific or computer-related duties, as ...
  5. Prepaid Expense

    A type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received ...
  6. Gordon Growth Model

    A model for determining the intrinsic value of a stock, based on a future series of dividends that grow at a constant rate. ...
Trading Center