How has the shift toward market-oriented economies in many nations affected international trade? How did the United Nations assist international trade?
What will be an ideal response?
As more nations in Europe, Latin America, and Asia have shifted toward market-oriented economies, international trade has increased, and, along with it, contracts implementing transactions between foreign entities (either governments or private companies) and U.S. companies have increased. International and regional treaties lowering or eliminating tariffs have hastened the trend to free trade. Given this accelerating tendency toward free trade, the United Nations Commission on International Trade Law drafted the Convention on Contracts for the International Sale of Goods (CISG) to provide uniformity in international transactions. The CISG covers all contracts for the sale of goods in countries that have ratified it. An estimated two-thirds of all international trade is conducted among the 70 nations that were signatories to the CISG as of April 2009.
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