The Impact and Application of the UNCITRAL Rules in Domestic Jurisdictions

Abstract

Globalization is a worldwide economic phenomenon that made the world a global village and today, human relationships and business activities in the world of commerce are so intracticably related to each other that drawing a line of distinction and meeting point between the two of them becomes very difficult. Same goes with, laws and rules of international trade that govern those relationships. The United Nations General Assembly, conscious of these facts, attempts to work out a rule, laws or guidelines that would serve as a reference point to Nations in international business law practices while also guaranteeing the investor his investments in a fluid and volatile would of international commerce. This effort gave rise to the UNCITRAL RULES which amongst other things encourages the creation of flexible laws that encourage free flow of trade. This paper will attempt to dissect these laws, examine the relationship between them in dispute resolution matters with a view to streamlining any conflict that may arise in the process so as to achieve the United Nations objective on International Trade. Law and commerce.