Increasing MSME Participation In Global Trade with the Help of the Convention on Contracts for the International Sale of Goods
Description
Globalisation has increased the volume of products travelling between countries, necessitating the development of widely accepted trade practises and customs in order to promote effective discourse between countries. The United Nations Convention on Contracts for the International Sale of Goods has proven to be an effective international legal instrument by promoting consistency in international trade due to its role as a uniform sales law. While there might be several benefits to its ratification by India, a key advantage is connected to the Micro, Small and Medium Enterprises (“MSME”) sector. The Indian economy can truly flourish with rising MSME participation in cross-border transactions. However, such small enterprises face several legal hurdles which deter their participation in global markets. This article seeks to address the legal problems faced by these enterprises and outlines solutions by highlighting the benefits that can be reaped by MSMEs in India by utilizing the CISG.
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- [1] United Nations Convention on Contracts for the International Sale of Goods (opened for signature 11 April 1980, entered into force 1 January 1988) UNGA A/CONF 97/18 (CISG). [2] 'MSME Sector in India' (IBEF, 7 December 2021) <https://www.ibef.org/industry/msme.aspx> accessed 22 March 2022. [3] 'ETRise Top MSMEs 2021: Making India competitive globally through exports' Economic Times (India, 16 September 2021) <https://economictimes.indiatimes.com/small-biz/trade/exports/insights/etrise-top-msmes-21-making-india-competitive-globally-through-exports/articleshow/86253693.cms?from=mdr> accessed 23 March 2022. [4] 'Indian MSME sector shifting towards cross border trade: PayPal Survey' KNN India (New Delhi, 20 January 2022) < https://knnindia.co.in/news/newsdetails/msme/indian-msme-sector-shifting-towards-cross-border-trade-paypal-survey> accessed 23 March 2022. [5] Ministry of Micro, Small and Medium Enterprises, 'Annual Report 2020-2021' (Government of India) <https://msme.gov.in/sites/default/files/MSME-ANNUAL-REPORT-ENGLISH%202020-21.pdf> accessed 23 March 2022. [6] Petra Butler, 'The CISG as the Toll for Successful MSME Participation in Global Trade' (2019) 38 Journal of Law & Commerce < http://jlc.law.pitt.edu/ojs/jlc/article/view/187/162> accessed 24 March 2022. [7] ibid. [8] ibid. [9] William Fox, International Commercial Agreements and Electronic Commerce (5th edn, Wolters Kluwer 2013). [10] Butler (n 6). [11] Ingeborg Schwenzer et al., Commentary on the UN Convention on the International Sale of Goods (4th edn., OUP 2016). [12] Christoph Brunner and Benjamin Gottlieb, Commentary on the UN Sales Law (CISG) (Kluwer Arbitration, March 2019). [13] United Nations Convention on Contracts for the International Sale of Goods (opened for signature 11 April 1980, entered into force 1 January 1988) UNGA A/CONF 97/18 (CISG) art 29(1). [14] United Nations Convention on Contracts for the International Sale of Goods (opened for signature 11 April 1980, entered into force 1 January 1988) UNGA A/CONF 97/18 (CISG) art 6. [15] United Nations Convention on Contracts for the International Sale of Goods (opened for signature 11 April 1980, entered into force 1 January 1988) UNGA A/CONF 97/18 (CISG) art 1(1). [16] The Specific Relief Act 1963. [17] Schwenzer (n 11). [18] United Nations Convention on Contracts for the International Sale of Goods (opened for signature 11 April 1980, entered into force 1 January 1988) UNGA A/CONF 97/18 (CISG) art 1(1)(b). [19] United Nations Convention on Contracts for the International Sale of Goods (opened for signature 11 April 1980, entered into force 1 January 1988) UNGA A/CONF 97/18 (CISG) art 6.