International trade is a fundamental aspect of the global economy, which plays an essential role in improving national economies. It increases the range of products that are available for consumers to purchase and it has assisted in creating various jobs. Because cross-border trade is such a large and expansive affair, it is common for numerous problems to arise in this domain. The United Nations Commission on International Trade Law (UNCITRAL) was established in order to address the discrepancy in international trade law from one country to another.
Each country maintains different laws that govern and regulate international trade. Because of these disparities, there are often barriers that hinder the progress of trade between countries. UNCITRAL seeks to remove these barriers in order to encourage international trade. UNCITRAL endeavors to unify international trade law in order to diminish the complications and the difficulties that are often associated with cross-border trade.
The General Assembly has elected 60 different countries from around the world to be members of a Commission which represents the interests of countries throughout the world, including underdeveloped countries. The Commission has also taken part in efforts to resolve international bankruptcy.
The Practice Guide on Cross-Border Insolvency Cooperation addresses the problem of international bankruptcy. The Guide was published in 2009 with the intention of providing judicial officials around the world with practical information related to effective methods of communication in international bankruptcy cases.
This publication compiles descriptions and information on successful examples of international negotiation. However, in it of itself, it does not regulate international bankruptcy. Instead, it provides individuals with access to examples of effective ways that various problems have been resolved.
All told, over thirty international cases have been described and analyzed in this text. This thorough analysis provided in The Practice Guide on Cross-Border Insolvency Cooperation details ways in which an effective agreement may be arranged. Understanding ways in which organizations have addressed past issues is beneficial for confronting future cross-border insolvency problems and is essential to promoting international businesses and cross-border trade.