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India on Monday (local time) reiterated its commitment to the United Nations Commission on International Trade Law (UNCITRAL) as the core legal body of the United Nations system in the field of international trade law.During the Sixth Committee of the 76th Session of the United Nations General Assembly, Dr Kajal Bhat, Counsellor/Legal Advisor said, "India reiterates its commitment to the UNCITRAL as the core legal body of the United Nations system in the field of international trade law and assures it of our constructive support."The Commission finalized and adopted the UNCITRAL Legislative Guide on Limited Liability Enterprises and also agreed to mandate the Secretariat to draft Guidance, with the assistance of experts, to assist States in the preparation of model organization rules at the fifty-fourth Session of the UN Commission on International Trade Law [UNCITRAL].A Report of the United Nations Commission On International Trade Law noted that members of the UNCITRAL Limited Liability Organization (UNLLO) may find these useful in its establishment and management and in defining their rights and obligations."We take note of the progress made by the Working Group II and adoption by the Commission of UNCITRAL Expedited Arbitration Rules. This would be helpful for the member states, in international and domestic commercial practice, to reach a final resolution of the dispute in a cost and time-effective manner," said Bhat.She also welcomed the outcome of the deliberations on the proposed reforms on Investor-State dispute settlement which is now in the third and final stage of its work, to identify solutions to issues that have been identified as problems."We are of the considered view that the member states must have a balanced approach in arriving at a consensus for granting more resources (time and budget) to complete this work by 2026, added Bhat.The Indian legal advisor also took note of the adoption by the Commission of the UNCITRAL Mediation Rules in the settlement of disputes arising in the context of international commercial relations; adoption of Guide to Enactment and Use of the UNCITRAL Model Law on International Commercial Mediation and International Settlement Agreements Resulting from Mediation (2018), which shall have an added value for the parties to mediation, mediators, mediation institutions as well as for academic and training purposes with respect to international commercial dispute settlement.Further, Bhat supported the view that the Working Group on Electronic commerce dealing with legal issues relating to identity management and trust services and the Working Group on Judicial sale of ships should be given sufficient time for its deliberations and that member States should have ample time to hold internal and regional consultations."We reiterate the importance of technical cooperation and assistance to the developing countries, specifically in matters relating to the adoption and use of texts, adopted by the Commission, at the national level. The efforts of the Secretariat for raising awareness about the applicability of the UNCITRAL texts through webinars and informal events following the outbreak of COVID-19 is a welcome initiative," she added.She welcomed the efforts of the Secretariat for its continuing work on digests of case law related to Commission texts, including their wide dissemination and also increase in the number of abstracts available through the CLOUT (case law of UNCITRAL texts) system which has proved to end important tool for building local capacity of judge, arbitrators and other legal practitioners.Further, she thanked Secretary-General Anna Jouben Bret and her associated staff, for conducting the sessions of the Commission and its working groups uninterrupted and in a productive manner despite travel restrictions."We also wish to congratulate UNCITRAL Secretariat for its adaptability and responsiveness to the challenges and circumstances arising from the COVID-19 pandemic," added Bhat.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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International :India reiterates its commitment to UNCITRAL in field of international trade law

India on Monday (local time) reiterated its commitment to the United Nations Commission on International Trade Law (UNCITRAL) as the core legal body of the United Nations system in the field of international trade law. ...