ASSEMBLY ASKED TO SEEK HIGHER PRIORITY FOR MODERNIZATION OF INTERNATIONAL TRADE LAW FOR ECONOMIC DEVELOPMENT

Press Release
GA/L/3165

ASSEMBLY ASKED TO SEEK HIGHER PRIORITY FOR MODERNIZATION OF INTERNATIONAL TRADE LAW FOR ECONOMIC DEVELOPMENT

Legal Committee Resolution on UNCITRAL also Commends Work of Agency, Notes Growing Importance of Training, Technical Aid for Developing Countries

The Sixth Committee (Legal) this morning approved a draft resolution on the International Trade Law Commission (UNICITRAL), by which the General Assembly would emphasize the need for higher priority to be given to the Commission’s work in view of the increasing value of the modernization of international trade law for global economic development.

The draft, approved by consensus, commends the Commission for the adoption of the UNCITRAL Legislative Guide on Privately Financed Infrastructure Projects as well as the important progress on receivables financing.

The Assembly would appeal to governments to reply to a questionnaire on the legal regime governing the recognition and enforcement of foreign arbitral awards. It would invite States to nominate persons to work with the private foundation established to encourage assistance to the Commission from the private sector.

The draft stresses the importance of bringing into effect the conventions emanating from the work of the Commission, and urges States to consider signing, ratifying or acceding to those conventions.

In affirming the importance, particularly for developing countries, of the Commission’s training and technical assistance programmes, the Assembly would appeal to the United Nations Development Programme (UNDP) and other bodies responsible for development assistance to support those programmes. An appeal would also be made to governments and relevant United Nations bodies to make voluntary contributions to the trust fund for travel assistance to developing countries to ensure full participation by all Member States in the sessions of the Commission. The Assembly would also appeal for voluntary contributions to the trust fund for financing and organizing seminars and symposia.

Finally, the Assembly would express its appreciation to Gerold Herrmann, Secretary of UNCITRAL since 1991, who will retire on 31 January 2001.

The draft –- introduced on 3 November by the representative of Austria -– was also sponsored by Algeria, Angola, Argentina, Armenia, Australia, Austria,

Sixth Committee - 2 - Press ReleaseGA/L/3165 25th Meeting (AM) 8 November 2000

Azerbaijan, Bahrain, Belgium, Bolivia, Bosnia and Herzegovina, Botswana, Brazil, Bulgaria, Canada, Chile, China, Colombia, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Ecuador, Egypt, Finland, France, Germany, Greece, Guatemala, Haiti, Hungary, India, Indonesia, Iran, Ireland, Israel, Italy, Japan, Lesotho, Liechtenstein, Lithuania, Luxembourg, Madagascar, Malta, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russian Federation, San Marino, Saudi Arabia, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Thailand, The former Yugoslav Republic of Macedonia, Turkey, Uganda, Ukraine, United Kingdom, Uruguay and Venezuela.

Also this morning, the Chairman of the Sixth Committee introduced a draft decision whereby the General Assembly would resume consideration of the legal aspects of international economic relations at its fifty-eighth session in 1. The Assembly would also include in the provisional agenda of that session an item entitled “Progressive development of the principles and norms of international law relating 2. to the new international economic order”.

The Committee will meet again on Friday 10 November, at a time to be announced, to take action on other draft resolutions before it.

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