Jaishankar Advocates Rules-Based Legal Architecture for Global Trade
UPSC / SSC current affairs note · Economy
Why in news
External Affairs Minister S Jaishankar called for a harmonised, rules-based legal architecture to safeguard global trade from geopolitical volatility and supply chain disruptions. He made these remarks at UNCITRAL's 60th anniversary, stressing the need for legal predictability and a more inclusive framework for the Global South.
Background
UNCITRAL (United Nations Commission on International Trade Law) is the core legal body of the UN system in the field of international trade law. It has been working for 60 years to harmonise and modernise trade rules. The Global South often faces disadvantages in trade due to lack of representation in rule-making.
Key facts
EAM S Jaishankar spoke at UNCITRAL's 60th anniversary event.
He called for a harmonised, rules-based legal architecture for global trade.
Emphasised the need to safeguard trade from geopolitical volatility and supply chain disruptions.
Stressed legal predictability and an inclusive framework for the Global South.
India advocates for reforms in global trade governance to reflect contemporary realities.
Prelims pointers
- UNCITRAL: United Nations Commission on International Trade Law
- Established in 1966 by UN General Assembly
- Headquarters: Vienna, Austria
- Focus: Harmonisation and modernisation of international trade law
- Key conventions: CISG (Contracts for International Sale of Goods), Model Laws on Arbitration and Insolvency
Mains angles
- GS2: India's foreign policy stance on global trade governance and reforms.
- GS3: Impact of geopolitical volatility on global supply chains and trade.
- GS2: Role of international institutions like UNCITRAL in promoting rule-based order.
- GS3: Challenges faced by Global South in international trade and need for inclusive frameworks.