MEA meets domestic stakeholders to get perspective on UNIDROIT Projects

New Delhi, July 4 (KNN) The Ministry of External Affairs (MEA) on Monday organised a seminar on UNIDROIT in New Delhi to create awareness among stakeholders about Model laws that would be implemented as part of UNIDROIT projects.

With presence in 64 member states, purpose of UNIDROIT is to develop methods for modernising, harmonising and co-ordinating international private and commercial law and to formulate uniform law instruments, principles and rules.

MEA has been conducting consultations with all relevant domestic stakeholders to have Indian outlooks on the UNIDROIT Project and to have better understanding on various issues involved in the ongoing UNIDROIT instruments.

Delivering the inaugural address, Meenakshi Lekhi, Minister of State for External Affairs highlighted the importance of stakeholder consultations in developing a more nuanced understanding of the UNIDROIT projects and its benefits.

Prof. Ignacio Tirado, Secretary General, UNIDROIT and Prof. Anna Veneziano, Deputy Secretary General, UNIDROIT were some of the speakers at the seminar.

Some of the areas where model laws would be framed under the UNIDROIT projects are- Access to credit, Agricultural Development projects, Digital Assets and Private law and Bank Insolvency.

Issues such as Access to credit for MSMEs, warehouse receipts financing, best practices for effective enforcement on digital assets were discussed at the seminar.

The seminar further explored how UNIDROIT project provides a uniform legal framework to address these issues with potential to enhance GDP was highlighted at the seminar.  (KNN Bureau)