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"As Uncitral commemorates its 50th anniversary this year, it is India's hope that with wide consultation, this body will identify areas of international trade law that continue to need harmonisation efforts," Sujata Mehta, Secretary (West) in the Ministry of External Affairs, said at an event here to mark the milestone.
"This effort will be of particular importance to developing countries who may have the opportunity to reflect in this process their own experiences so that topics amenable to consensus-based legislative development are taken up in a sort of virtuous circle, taking further the ongoing process of development and harmonisation of international trade law," she said.
Mehta said that the importance and relevance of international trade law in today's globalised environment, continued to grow.
"The challenges we face in this field require considered deliberation, and preferred outcomes are those that emerge from collective thinking and the best platform for the purpose is clearly the Uncitral," she added.
The core legal body of the UN system in the field of international trade law, Uncitral has universal membership specialising in commercial law reform worldwide, as it seeks for modernisation and harmonisation of rules on international business.
"This body plays a key role in the promotion of the rule of law by formulating internationally agreed rules in the field of trade and commercial law, as also in supporting the enactment and adoption of those rules nationally and internationally.
"Uncitral's work on the harmonisation and modernisation of commercial law is of value to states and to entities engaged in business transactions.
This process promotes good governance - a good in and of itself a" and creates the conditions necessary and suitable for cross-border investment and trade relationships and therefore for economic growth," said Mehta, adding that from India's perspective, "this work is essential to our efforts for the promotion of sustainable and balanced development and global economic growth, and to the elimination of poverty".
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)