CURRENT AFFAIRS

Detailed explanation-1: -The United Nations Commission on International Trade Law is the core legal body of the United Nations system in the field of international trade law.

Detailed explanation-2: -The official function of UNCITRAL is to modernize and harmonize the rules of international business. The organization is responsible for helping to facilitate international trade and investment. It is headquartered in New York with annual sessions held alternatively in Vienna.

Detailed explanation-3: -Explanation: The United Nations Commission on International Trade Law (UNCITRAL) was established by the United Nations General Assembly by its Resolution 2205 (XXI) of 17 December 1966 “to promote the progressive harmonization and unification of international trade law".

Detailed explanation-4: -In establishing the Commission, the General Assembly recognized that disparities in national laws governing international trade created obstacles to the flow of trade, and it regarded the Commission as the vehicle by which the United Nations could play a more active role in reducing or removing these obstacles.