The UN Convention on Contracts for the International Sale of Goods -- The CISG
Dr. Butler discussed the United Nations Convention on Contracts for the International Sale of Goods (CISG) as a means to facilitate cross-border trade for Pacific Island businesses. She said that predictable legal frameworks are crucial to generating inclusive, sustainable and equitable development, economic growth, employment, and investment, as well as to facilitating entrepreneurship. A modern and harmonised international commercial law framework is the foundation of rule-based commercial relations and an indispensable part of international trade. In reducing or removing legal obstacles to the flow of international trade, such framework will contribute significantly to universal economic cooperation among the Pacific Island countries and with their global partners on the basis of equality, equity, common interest and respect for the rule of law.
Dr. Butler added that the CISG is a crucial part of the international commercial law framework since contracts of sale form the backbone of international trade in all countries. The CISG provides a modern, uniform and fair regime for contracts for the international sale of goods. Thus, the CISG contributes significantly to sustainable and equitable development and economic growth by introducing certainty in commercial exchanges and decreasing transaction costs.