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Various methods and attempts employed in the harmonization of international trade law - Coursework Example

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Various methods and attempts employed in the harmonization of international trade law

This research will begin with the statement that international trade is the kind of trade that takes place across nations all over the world either bilaterally or multilaterally. In a world getting smaller day by day courtesy of the agents of technology, globalization becomes indispensable. As the world gets digital and globalization gains root, the prominence of international trade as an aspect of international relations demands careful attention. It is realized that as trade continues to gain momentum across nations, so do the impediments hampering free trade emerge. Free trade is meant to be a mutual agenda between the countries. Nations across the world strive as much as possible to benefit from the trade. In the same vein, challenges emerge as no nation can derive ultimate benefits. Different nations across the world operate under different systems. Such differences have become so diverse that much attention has now been drawn towards addressing them. It, therefore, begs the analysis of the factors that limit international trade. It is in that vein that the difference in trade laws comes to light. It is becoming much difficult for nations across the globe to freely trade due to the sharp differences that exist in laws governing trade in different parts of the world. For instance, a North American exporter will find it almost difficult to export certain products to the Asian countries courtesy of the legal rigidities that are artificially created for various reasons. Nations limit trade so as to regulate deficits on their budgets. Considering that such a deficit might be disastrous to the affected economy. Moreover the need to control the dumping of products into the economy also necessitates the introduction of regulatory measures. In one respect, such measures are never malicious. Rather they are of great essence in ensuring that the international trade benefits all the parties involved. The need to remove such limiting factors therefore sparks off the debate. The discourse becomes further intricate when dealing with legal the aspects of international trade. There exist several statutes and regulations in the world governing international trade. Such statutes are normally enacted to regulate price fixing, competition and to govern free trade between countries. Trade regulation is a theme of law that encompasses governments’ regulations of international trade, the laws relating to fair competition, ethical considerations in international trade and antitrust law. Antitrust law is a branch of trade regulation law that widely includes consumer protection law, distribution law and franchise law. (Osle, 2008) International trade laws exist in various respects both at private and public law. Private international law is derived from the various countries that relate internationally. It controls treaties, conventions and guides model laws. Private international law is applied in monitoring local and foreign judgements relating to legal disputes (Shaw, 2005).It is therefore a great concern in business dealings. The Hague conference on Private international law was a great milestone toward the development of private international law. It encompasses all aspects relating to private law from jurisdictional considerations to contract law. Public international law on the other hand comprises of all the rules and laws that relate to the demeanour of states and other organizations within them as well as their relationships with both artificial and natural persons (Shaw, 2005). A merchant dealing in international trade is inevitably drawn into this complex nexus of differing intricate laws that require attention. These diverse laws have continued to be an impediment towards the achievement of the benefits that accrue by virtue of a free global trade. This therefore creates the need to address this emerging problem by seeking avenues to harmonize these laws into a single streamlined legal system that enhances free trade. The sooner this is achieved the better. Myriad avenues have been proposed as modalities ...Show more

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This research analyzes various methods and attempts employed in the harmonization of international trade law. This paper has such sections: conventions and treaties; economic integration; competition; financial support; the world trade organization; global awareness; forced measures…
Author : ibotsford
Various methods and attempts employed in the harmonization of international trade law essay example
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