Turkmenistan has joined the UN Convention on the International Sale of Goods
Turkmenistan has joined the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (also commonly known as the "New York Convention") and the United Nations Convention on Contracts for the International Sale of Goods (CISG).
With the accession to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards of May 4, 2022, Turkmenistan becomes the 170th State party to the New York Convention. The New York Convention will enter into force for Turkmenistan on August 2, 2022, the UN information Service reports.
With the accession to the UN Convention on Contracts for the International Sale of Goods, Turkmenistan becomes the 95th CISG -CISG State party. The Convention will enter into force for Turkmenistan on June 1, 2023.
The CISG provides a fair and modern uniform basis for the contract of sale, which is the basis of international trade in all countries, regardless of their legal traditions or level of economic development. Its adoption and use can make a significant contribution to ensuring certainty in commercial exchanges and reducing transaction costs.
The UNCITRAL secretariat collaborated with the Ministry of Foreign Affairs of Turkmenistan in organizing online briefings on the New York Convention and CISG to support the treaty review process. He also collaborated with UNESCAP in raising awareness in Turkmenistan about the Framework Agreement on the Facilitation of Cross-Border Paperless Trade in the Asia-Pacific Region, a treaty to which Turkmenistan also joined on May 4, 2022.
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The United Nations Commission on International Trade Law (UNCITRAL) is the main legal body of the UN system in the field of international trade law. Its mandate is to remove legal obstacles to international trade through the gradual modernization and harmonization of trade law. He prepares legal texts in a number of key areas, such as the settlement of international commercial disputes, e-commerce, insolvency, international payments, sale of goods, transport law, procurement and infrastructure development. The UNCITRAL secretariat is located in Vienna, Austria.
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