Saturday, February 29, 2020

Surprise! One Month From Now, North Korea Will Become a Party to the CISG

Perhaps it could have chosen a day other than April Fool's Day, but it didn't. And it does seem so fantastic that international lawyers might be forgiven for doubting this news. But here it is: The Democratic People's Republic of Korea (North Korea) will become a party to the U.N. Convention on the International Sale of Goods (CISG) on April 1, 2020. 

Other countries joining the CISG in 2020 include Laos and Liechtenstein.

This brings the number of state parties to 93. Australia, China, South Korea, and the United States for example, are all parties to the CISG. India, Pakistan, South Africa, and the United Kingdom are still not parties to the CISG. 

Click here to see the CISG status table.

As stated on the UNCITRAL website, "The purpose of the CISG is to provide a modern, uniform and fair regime for contracts for the international sale of goods. Thus, the CISG contributes significantly to introducing certainty in commercial exchanges and decreasing transaction costs." Additionally, "the CISG provides modern, uniform legislation for the international sale of goods that would apply whenever contracts for the sale of goods are concluded between parties with a place of business in Contracting States. In these cases, the CISG would apply directly, avoiding recourse to rules of private international law to determine the law applicable to the contract, adding significantly to the certainty and predictability of international sales contracts."

(mew)

https://lawprofessors.typepad.com/international_law/2020/02/cisg-north-korea.html

| Permalink

Comments

Post a comment