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    • ECO Participates in the UNCITRAL Meeting at the United Nations Headquarters, New York
      ECO Participates in the UNCITRAL Meeting at the United Nations Headquarters, New York
      On the invitation of the UN Commission on International Trade Law (UNCITRAL), ECO representative from the Trade Section for the first time participated in its Working Group-I Meeting themed Micro, Small and Medium-sized Enterprises (MSMEs), 32nd Session, which was held on 25-29 March, 2019 at the United Nations Headquarters in New York. It was well attended and contributed by the experts and representatives of the Member States, Observers and International and Regional Organizations.
      The event was organized in two segments; First, the Colloquium on "Contractual networks and other forms of inter-firm Cooperation" with the aim to explore legal tools for facilitating/fostering MSMEs’ cooperation by sharing of resources and enhancing access to businesses having a relatively low level of initial capital, low entry and exit costs, etc. Participants shared popular forms of business entities and cooperation modes in their countries. In this part, experts from governments, private sector, academia and the non-profit sector exchanged views on challenges in an informal environment.
      Second, in the light of discussions in the first part and in furtherance of the previous work/draft of the UNCITRAL, the Working Group Meeting discussed the relevance of models developed and deliberated/ revised Draft Text for Legislative Guidelines for the UN Limited Liability Organizations (UNLLO) enabling legal environment for MSMEs in different countries. The Working Group expressed that the current draft text of the Guide was a classical corporate model and after extensive discussion on several concepts and aspects of the UNLLO, revised the draft text and propounded recommendations related thereto. Delegates from Member and Observer States and those intergovernmental and non-governmental organizations invited to participate attended this part of the event.
      Noting that MSMEs are the backbone of the economies especially of the developing ones such as in the ECO region and representing 95 percent of the firms in the world in this category and providing nearly 70 per cent of the employment, there is greater need to develop legislations guidelines to promote and enhance potential of MSMEs to capture greater share in local production and exports. These endeavours provide an enabling environment for better compete the markets leading to sustainable growth in the national economies and for realization of the UN's Sustainable Development Goals (SDGs) set for 2030.

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