The Declaration of the High-level Meeting on the Rule of Law recognizes the importance of fair, stable and predictable legal frameworks for generating inclusive, sustainable and equitable development, economic growth and employment, generating investment and facilitating entrepreneurship. In that regard, it commended the work of the United Nations Commission on International Trade Law (UNCITRAL) in modernizing and harmonizing international trade law [para. 8].
General Assembly has repeatedly reaffirmed its belief that the progressive modernization and harmonization of international trade law, and reducing or removing legal obstacles to the flow of international trade. This contributes significantly to universal economic cooperation among all States on a basis of equality, equity, common interest and respect for the rule of law, and to the elimination of discrimination in international trade. General Assembly has also emphasized that the implementation and effective use of modern private law standards in international trade are essential for advancing good governance, sustained economic development and the eradication of poverty and hunger (for example, in resolution 69/115, para. 12).
UNCITRAL instruments and tools are also relevant for creating an environment of sustainable economic activity conducive to post-conflict reconstruction and preventing societies from sliding back into conflict (resolution 66/94, paras. 15-17). The UNCITRAL secretariat, International Trade Law Division at the Office of Legal Affairs, provides assistance to States that seek to promote the rule of law in the area of international and domestic trade and investment by assisting them to identify needs for commercial law reforms and implement the reforms in compliance with internationally accepted commercial law standards.