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 Articles
  1. Sanctions provide a relatively non-violent alternative to outright war.
    Economics

    Sanctions Between Countries Pack a Bigger ...

  2. Economics

    Exploring The Current Account In The ...

  3. Personal Finance

    What Is International Trade?

  4. Economics

    Globalization: Progress Or Profiteering?

Hot Definitions
  1. Capitulation

    When investors give up any previous gains in stock price by selling equities in an effort to get out of the market and into ...
  2. Turkey

    Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities ...
  3. Conduit Issuer

    An organization, usually a government agency, that issues municipal securities to raise capital for revenue-generating projects ...
  4. Financing Entity

    The party in a financing arrangement that provides money, property, or another asset to an intermediate entity or financed ...
  5. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  6. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
Trading Center