The Importance of International Law to International Traders Topic: Critically consider the importance of international law to international traders. International traders in commodities, equities, bonds, and other goods or services employ a number of different strategies to maximize their return on investment…
Increasingly international trade organizations such as the WTO and bilateral free-trade agreements such as those in place with the United States and E.U. can significantly shape and alter the economic environment in a way that financial planners must identify and manage for investment clients with advance preparation. The importance of international law to traders in this context of financial investment services and commodities trading particularly cannot be understated, as it is a direct aspect of risk management operations that form a part of due diligence in any overseas investment strategy. Financial planners and traders must identify the risk elements that international law governs as a variable in estimating the success and expected returns of a project in order to successfully manage investment services for clients in the contemporary era of globalization. The history behind the WTO, bank frameworks, and financial regulation are all chief matters of international aspects of business law which affect trade. The application of international law to trading activity of commodities, equities, and bonds globally is a specialized field and different in many ways from the sectors of international law which govern trade, commerce, and other forms of business development activity. For example, international traders generally have little worry over the application of labour or environmental law to their activities globally, as these are related to the general commercial operations of a business and not the trading activity particularly. Traders find their business operations most significantly impacted in the import and export process when the goods involved are passing through an international border. Most nations do not tax transit cargo that passes through sea and air ports, however most nations do tax and regulate imports and exports domestically through the application of international law and accepted practice. In order for a trader or financial planner to understand the requirements and how they apply differently from country to country, the GATT Agreements, or General Agreements on Tariffs and Trade, begun in international negotiations at the end of the Second World War and birth of the United Nations, are the most important references for international trade. The GATT Agreements stand as the most comprehensive and accepted standards of international trade laws among nations as negotiated directly through their envoys and representatives. Therefore, international traders and financial planners who require the complete country-by-country listing of trade and tariff requirements as established in international law should base their investigation in the publications of the GATT Agreements, or General Agreements on Tariffs and Trade, and the World Trade Organization (WTO), the modern descendent of the International Trade Organization (ITO). DZ Cass has written about the GATT and ITO/WTO systemization of international trade law in his essay, The 'Constitutionalization' of International Trade Law: Judicial Norm-generation as the Engine of Constitutional Development in International Trade (Cass, 2001). In the articles, Cass suggests that the GATT Agreements and further negotiations of the WTO represent a process of creating a type of constitution for international trade where nothing but the chaos and conflicting interests of sovereign ...
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olicy it is a marine insurance contract and thus it is governed by the Marine Insurance Act 1906.3 As a result, Linda has a “contract of indemnity” which essentially entitles her to expect to have or to acquire an insurable interest the property insured.4 In this regard, an insurable interest is conferred upon any individual with an interest in a marine adventure.5 In turn an individual has an interest in a marine adventure when: .
The massive oil reserves of Polenskya is a clear example, and the following section highlights the facts on the ground with respect to Polenskya and issues touching the actions to be undertaken by Atlantic Oil Company-as the interested investor.
The labour policies in various countries have evolved over the period of time by undergoing changes in tune with the developments taking place in the societies. The obligations of the corporate companies are however not restricted to statutory compliance; it also reflect in the corporate culture and cover various voluntary actions and initiatives taken by the management of the companies.
They are: 1. Nature of contracts 2. Breach of contracts 3. Damages for the breach of contracts 4. Limitations. Nature of Contracts The first issue is about the nature of contracts that give rise to rights and responsibilities that enables one party to sue to recover damages in case the other party does not fulfil its part of the contract.
?…………...12 References Executive Summary In this case a complicated situation arose between the buyer and seller due to occurrence of some unfortunate events. The events occurred in between loading of cargo and the shipment of cargo to the agreed destination.
People are well aware of latest fashion, style and trends over there. That is why it will be really easy to capture a huge market in that region. I am fond of good clothing and I want to see everyone well-dressed and dapper. Therefore, I want to start my own business of garments to give people chic style and trendy outfits to wear and enhance their outlook in all aspects.
Similarly, at the same time and in the same conditions of conducting business in the international market, there exist serious obstacles which include bribery and corruption in relation to transactions in international businesses. Whereby, corruption is the use of public office for private gain while the broad approach contains abuse of not only public office but private or commercial one too (Rand 2000).
The primary objectives of international laws are to maintain harmonious, balanced and economic relationships between the states. International business laws often serve as dispute resolution for international transactions. Different types of laws has been enacted and enforced in order to ensure smooth functioning of international business.
An effective contract engages various aspects including laws along with policies, security concerns, payment related issues, notice to commence a project and communication process among others. It is worth mentioning that a valid contract involves certain significant facets such as offer and acceptance, consideration, legal terminology and intention to build a legal interrelation between parties.
It also deals with the majors taken by government to stop such practices.
Tax avoidance is the legal utilization of the tax regime to ones own advantage, in order to reduce the amount of tax that is payable by means that are within the law.
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