United Nations Commission on International Trade Law - UNCITRAL


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.

BREAKING DOWN '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.

  1. International Monetary Fund - IMF

    An international organization created for the purpose of standardizing ...
  2. Continuous Bond

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

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

    The exchange of goods between two countries. Bilateral trade ...
  5. World Trade Organization - WTO

    An international organization dealing with the global rules of ...
  6. Globalization

    The tendency of investment funds and businesses to move beyond ...
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. Fundamental Analysis

    Emerging Markets: Analyzing Colombia's GDP

    With a backdrop of armed rebels and drug cartels, the journey for the Colombian economy has been anything but easy.
  7. Investing

    How to Win More by Losing Less in Today’s Markets

    The further you fall, the harder it is to climb back up. It’s a universal truth that is painfully apparent in the investing world.
  8. Economics

    Is the U.S. Economy Ready for Liftoff?

    The Fed continues to delay normalizing rates, citing inflation concerns and “global economic and financial developments” in explaining its rationale.
  9. Stock Analysis

    Who Are Delta Airlines’ Main Competitors?

    Compare the top competitors of Delta Air Lines, Inc. Take a deeper look into the key drivers of competition in the airline industry.
  10. Investing

    Impact Investing Funds: What are the Risks?

    Impact investing funds can carry risks unique to this asset class, including political risk, currency risk and exit risk.
  1. How are joint ventures regulated in the United States?

    Joint ventures are a very specific type of business arrangement. They can be organized in several different legal structures, ... Read Full Answer >>
  2. 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 >>
  3. When do I need a letter of credit?

    A letter of credit, sometimes referred to as a documentary credit, acts as a promissory note from a financial institution, ... Read Full Answer >>
  4. When has the United States run its largest trade deficits?

    In macroeconomics, balance of trade is one of the leading economic metrics that determines the trading relationship of a ... Read Full Answer >>
  5. Which is more important to a nation's economy, the balance of trade or the balance ...

    There is no question the composition of a country's balance of payments is more important than its balance of trade. This ... Read Full Answer >>
  6. What is the difference between cost and freight (CFR) and cost, insurance and freight ...

    The difference between cost and freight (CFR) and cost, insurance and freight (CIF) is essentially the requirement under ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Gross Profit

    A company's total revenue (equivalent to total sales) minus the cost of goods sold. Gross profit is the profit a company ...
  2. Revenue

    The amount of money that a company actually receives during a specific period, including discounts and deductions for returned ...
  3. Normal Profit

    An economic condition occurring when the difference between a firm’s total revenue and total cost is equal to zero.
  4. Operating Cost

    Expenses associated with the maintenance and administration of a business on a day-to-day basis.
  5. Cost Of Funds

    The interest rate paid by financial institutions for the funds that they deploy in their business. The cost of funds is one ...
  6. Cost Accounting

    A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step ...
Trading Center
You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!