Question

write about "International Trade laws".

Answer 1

International trade laws are those areas of law which deal with certain rules and customs regarding the handling of trade between countries. It is also used for trade between two private sector companies in two countries. This branch of law has now become independent as almost every country is now a member of the World Trade Organisation (WTO). The General Agreement on Tariff and Trade (GATT) has been the backbone of international trade laws since 1948.  It contains a provision relating to rules of ‘unfair’ trade practices, dumping and subsidies. In 1994, World Trade Organisation (WTO) was established to take the place of GATT. This is because GATT was meant to be a temporary fix to trade issues and the founders needed something more which was concrete.[1]

 

Cross-border transactions

Cross-border transactions are done in international trade between two or more entities beyond the territorial limits of a country or a transaction in a domestic trade where at least one party is located outside the country of the transaction. Major types of cross-border transactions are:



1. Cross-border financing

The term refers to any financial arrangement that cross national boundaries. It includes loans, letter of credit, banker’s acceptance, bank guarantees, depository receipts, etc.

 

2. Buying or selling products or services

It refers to buying and selling of products and services. Both may have different features on infrastructure, establishment, producing product service outside the jurisdictional limits, trading across borders, bridging between local resources and outside supply, etc.

3. Combined research/shared services etc.

Business entities are now being equipped with shared services. For that, joint research programs are being introduced as one cartel or chamber of commerce. Such shared service are concerned with matters of international trade if those shared service centres are providing services across the borders scattered in different locations.[2]

Dispute settlement

Under the international trade law, there are different provisions for dispute settlement which is done with the help of WTO and GATT. It was governed by Article XXII and XXIII of the GATT, which set up a system of consultation for the settlement of disputes among the member nations. The dispute settlement system evolved over time, and there were additional documents, and legal instruments were created to incorporate changes. Even with certain changes, the dispute resolution mechanism was not considered satisfactory.

International Trade laws deal with certain subjects which are inclusive to all the member nations under the WTO. It includes:

Negotiating trade agreements

Agreements of accession to the WTO, general trade agreements, and regional trade agreements.



Compliance

Tariffs and quotasAdministration of customs lawsGovernment subsidies, anti-dumping, countervailing duties and other trade remedies.Technical standards for industrial and agricultural products.Intellectual property protectionUnderstanding and utilizing various provisions of the WTO for trade enhancement for developing countries during domestic adjustments integrating into the rule-based trading system.

 

Law reforms

Laws regulating foreign investmentsGovernment procurement laws and anti-corruption measures.[3]

 

Answer 2

International trade is a complicated area of law to research because there are numerous levels of trade organizations and interactions. There are bilateral trade agreements, regional trade agreements and multinational trade agreements. Each of these agreements has its own history, policies and dispute settlement procedures. Trade organizations established under the agreements have separate resources that can be searched. Furthermore, individual countries have their own policies and laws relating to international trade. As an example, the United States Congress must pass legislation enacting international trade agreements before the United States can officially become a party. The national policies have to be researched individually and frequently separately from the resources relating to the international organizations.

The purpose of this guide is to provide an introduction to a variety of the resources available at the Diamond Law Library and through subscription databases, as well as from the Internet. General introductory resources will be discussed first. Then the guide will proceed through a discussion of the major multilateral trade agreements, regional trade agreements and United Nations trade bodies.

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