For information only - not an official document
25 September 2019
The Lao People's Democratic Republic accedes to United Nations Convention on Contracts for the International Sale of Goods
92nd country to become party to the Convention
VIENNA, 25 September 2019 (UN Information Service) - With its accession to the United Nations Convention on Contracts for the International Sale of Goods (CISG), the Lao People's Democratic Republic becomes the 92nd State Party to the Convention. The Convention will enter into force for the Lao People's Democratic Republic on 1 October 2020, which is the same year that the CISG will celebrate its 40th anniversary.
The CISG provides an equitable and modern uniform framework for the contract of sale, which is the backbone of international trade in all countries, irrespective of their legal tradition or level of economic development. Its adoption and use may contribute significantly to introducing certainty in commercial exchanges and decreasing transaction costs.
The CISG establishes a comprehensive code of legal rules governing the formation of contracts for the international sale of goods, the obligations of the buyer and seller, remedies for breach of contract and other aspects of the contract. A large number of major trading countries are already parties to the CISG, which is considered to be a core convention in international trade law.
The United Nations Commission on International Trade Law (UNCITRAL) is the core legal body of the United Nations system in the field of international trade law. Its mandate is to remove legal obstacles to international trade by progressively modernizing and harmonizing trade law. It prepares legal texts in a number of key areas such as international commercial dispute settlement, electronic commerce, insolvency, international payments, sale of goods, transport law, procurement and infrastructure development. UNCITRAL also provides technical assistance to law reform activities, including assisting Member States to review and assess their law reform needs and to draft the legislation required to implement UNCITRAL texts. The UNCITRAL Secretariat is located in Vienna, Austria, and maintains a website at https://uncitral.un.org/ .
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For more information please contact:
Principal Legal Officer and Head, Legislative Branch