International Trade Centre (ITC) specialists and trade law experts from 51 nations will converge at Geneva this week to give finishing touches to the model contracts for trade deals. The model contracts are developed to help small businesses especially from developing countries to accomplish trade deals by bypassing complicated trade formalities.
According to the ITC press release, the model contracts will be made available free of charge to their member firms and other participating organizations from June 2009. Members of chambers of commerce and several other trade organizations from Africa, Latin America, Asia and Europe are expected to join the meet.
The ITC Executive Director Patricia R. Francis stated the modified model contracts were tailor-made for small firms, and allowed uninterrupted access to legal support to businesses involved. She added small firms, the backbone of many economies, were finding themselves strapped by the current economic crisis, and the new contract models would serve as safe and secure tools for their trade deals.
The ITC is the technical cooperation agency of the United Nations Conference on Trade and Development (UNCTAD) and the World Trade Organization (WTO). It largely helps businesses across the world to interpret the WTO rules and also to develop strategies for businesses to enhance trade.
The meet will deliberate on 10 more new model contracts which will range from simple sale of goods through long-term supply and service and brokerage to establishment of joint ventures for many sectors. According to ITC, the model contracts will be online on their official website and websites of participating law firms and trade organisations from the month of June this year.
By Jose Roy
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