74 Jurisdictions Have Adopted the UNCITRAL Model Law To Date
The United Nations Commission on International Trade Law (UNCITRAL) recently reported that the new Law on Arbitration of Mongolia, which was published on 17 February 2017, is considered an enactment of the UNCITRAL Model Law on International Commercial Arbitration (1985), with amendments as adopted in 2006. With this new law, arbitral legislation based on the Model Law has been adopted in 74 States in a total of 104 jurisdictions.
UNCITRAL was established by the General Assembly on 17 December 1966. Since then, it has been a key element of the UN organization in supporting the harmonization of international law standards, including arbitration, and has contributed to leveling the playing field for international conflicts. UNCITRAL aims to facilitate the use of international trade law to generate faster growth, higher living standards, and new opportunities through commerce.
The Model Law was created as a suggested framework to assist States in modernizing their arbitral laws. Lawmakers can consider adopting the Model Law in its entirety, as part of the State’s legislation. However, States enacting legislation based on the Model Law also have the flexibility to depart from the text, and are not forced to inform the UNCITRAL Secretariat in case of such departure. That said, it remains that a majority of States now follow the Model Law and this provides more security to investors in case of conflicts.
See UNCITRAL status of countries following the Model Law: