SEOUL� North Korea has joined the U.N. Convention on Contracts for International Sales of Goods (CISG), a U.N. commission said, an unusual move for the isolated nation whose trade with the outside world is significantly restricted by sanctions.
With the accession, North Korea become the 90th state party to the convention, the U.N. Commission on International Trade Law said in a statement Tuesday. The convention provides a standard set of rights and obligations for buyers and sellers, including dispute settlement options.
The convention will enter into force for North Korea in April 2020.
The CISG provides an equitable and modern uniform framework for the contract of sale, which is the backbone of international trade in all countries, the commission said.
The intention of the North's accession to the convention, however, remains to be seen as the reclusive regime is effectively excluded from the international trade system due to multilayered sanctions imposed on the country over its nuclear and missile programs.
Source: NAM NEWS NETWORK