The Russian Federation suggested that the UN develop a model for business contract enforcement during 'external shocks'
2021-09-27 10:40

The Russian Federation suggested that the UN develop a model for business contract enforcement during 'external shocks'

Russia's Ministry of Economic Development proposed that the UN Commission on International Trade Law (UNCITRAL) develop a framework for countries to implement contracts in the face of external challenges, taking into account the experience of the pandemic.

"The recovery of the global economy, cooperative ties, trade and mutual investment is a priority for all countries. But it is equally important to prepare for such possible challenges - we should have working solutions to be resilient to external shocks. This is important not only for developing, but also for developed countries," the ministry's press service quotes deputy head Alexei Khersontsev as saying after a meeting with UNISTRAL secretary Anna Juban-Bre.

He stressed that it is necessary to unify the legal norms in case of force majeure in such economic issues as the activities of small and medium-sized businesses, bankruptcy, digitalization of trade and investment. In this context, the Russian side proposed to develop a model soft law document to regulate digital trade and bankruptcy, the agency said.

"The Russian economy has recovered faster than many countries. We have strong expertise in these areas, which we are also ready to share," Khersontsev stressed.

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Author: Karina Kamalova