International Commercial Law Essay

2570 words - 11 pages

Name:
University:
Course:
Instructor:
Date:
International Commercial Law
Introduction
International commercial law is the law regulating trade between different countries in the world. It acts as a regulatory agency and harmonizes all trade agreements between nations in the international trade that is made up of trade agreements between members subject to international trade. The main objectives of international trade law is to ensure that there is international trade relationship, helping in resolving disputes affecting trade, enforce the use of a common goal, provide the most efficient way of conducting international business, regulate trade and promote fair and free trade in the ...view middle of the document...

The paper analyses issues relating to commercial law and its arguments are based on treaties (agreements) and any other relevant source.
Literature Review
It can be said that commercial law regulates all commercial transactions. The rules and regulations offered by institutions of commercial law provide a framework for settling disputes among trade partners. International commercial law facilitates voluntary exchanges that increase social welfare (Guzman & Sykes 2007). In international commercial law, arbitration is vital in which it provides the contracting parties with unrivaled freedom in selecting the applicable law. The international commercial law is based on the law of contracts. Article III of GATT indicates that a country should not pass a law or adopt tax policies that are meant to protect country domestic products in an international trade agreement. This means that in setting the new policies or tax measures a country should be guided by international trade agreements policies. In case a country violates such a trade agreement then a country can file for breach of contract since it is against international laws. This is meant to prevent a country from discriminating against other countries' product in favor of their own. If a country goes against this policy the other cannot get remedies like reverse of such laws. However, the trade agreements do not bar a country from imposing policies in situations where it is not protecting its domestic products, directly favoring one country over the other in the international trade or differentiating its products.
The successive rounds of trade negotiations under the General Agreements on Tariffs and Trade (GAAT) have resulted in significant global trade liberalization (Evans 2012). However, there has been an acceleration toward regional integration in different parts of the world. The early attempts to establish regional trade agreements were met with little success especially among the developing countries. In the recent years, there has been a significant growth in the number of Regional Trade Agreements being formed across different regions in the world. For example, by May 2003 184 Regional Trade Agreements had been formed. One of the most prominent examples of regional integration is the establishment of the European Common Market in 1958, which has now evolved to become the European Union (Evans 2012).
The various regions have been pursuing regionalism for different objectives such as trade liberalization by the Americans and encouragement of investment and competition, and reinforcement of multi-polarity in the international systems of the European Union, among other objectives. In some cases, there have been disputes that arise due to the inconsistency between the Regional Trade Agreement rules and those of the WTO.
Political Legal and Economic Arguments for Regionalism or Bilateral Trade Agreements
Countries seek to negotiate regional trade agreement for a wide range of...

Other Papers Like International Commercial Law

Role Of International Organization In Trade

3356 words - 14 pages Customs and Practice for Documentary Credits that are private rules use for bankers, traders, lawyers and carriers who deals with letters and documentary credits as method of payment in international trade transactions. •Arbitration: The ICC ́s International Court of Arbitration is probably the world ́s foremost private commercial dispute resolution forum. 3- United Nations Commission on International Trade Law (UNICITRAL) The United Nations

Marketing Plan Essay

536 words - 3 pages transactions and telecommunication in the country are regulated through unified bodies of law at the national level. In some areas of commercial law, BiH legislation complies with international standards to a great extent. For example, the law on bankruptcy and insolvency has a score of “high compliance” with international standards. However, in practice the insolvency regime has weaknesses in delivering appropriate regulation of insolvency office

Roles of Comparative Law to Legal Interpretation and Application

5252 words - 22 pages : Cambridge University Press. page 39 [ 6 ]. http://www.uncitral.org/pdf/english/yearbooks/yb-1968-70-e/vol1-p13-17-e.pdf, page 1. [ 7 ]. Micheal Bogdan, “Comparative Law”, Kluwer Norstedts Juridik Tano, page 30. [ 8 ]. Paul B. Stephan, “The Futility of Unification and Harmonization in International Commercial Law”, UNIVERSITY OF VIRGINIA SCHOOL OF LAW Legal Studies Working Papers Series, page 2-3. [ 9 ]. Micheal Bogdan, “Comparative Law”, Kluwer

Arbitration Clause

2230 words - 9 pages Chamber of Commerce. Any permanent arbitration body has its own rules concerning the proceedings before it. These rules of proceedings are harmonized with a uniform set of arbitration rules created by the UN Commission on International Trade Law (UNCITRAL) or by the International Chamber of Commerce from Paris. They must also observe the procedural law of the state where the arbitration body is situated. The commercial arbitration represents a

Common Law

3674 words - 15 pages the basis of where the provisions of the contract were performed. The jurisdictional clause is the most clear-cut & is usually honored. 3- Discuss the state of international commercial law. Commercial law, varies in meaning between common law (where commercial disputes are subject either to civil or commercial law) & code law (where a codified inclusive commercial law exists). Consequently, there is no such thing as an

Iran Economic Swot

1804 words - 8 pages monitor French companies abroad. 6 7 “Private economic war”  International competition   Is it replacing military conflicts? Competitive intelligence and/or industrial spying?   Information is a weapon (by/for/against) Law could also be a weapon Macro: norms (protect innovation/advantage)  Micro: lawsuit as guerrilla wars  Economic/ industrial spying increases each year (30% in the U.S.). 8 Geopolitics

Commercial Banking

4791 words - 20 pages control of the newly created Kenya commercial Bank. The government assumed 60% ownership of the Kenya Commercial Bank, and it remained the largest of the country’s commercial banks in terms of deposits and number of branches. The merchant banking operations of National and Grindlays were taken up by a new bank, Grindlays bank international (Kenya limited). The Kenya government owned 40% of the latter bank. While Barclays and Standard Chartered

Investment Banking

1557 words - 7 pages world renown investment banks. Merchant Banking Merchant bank is a bank that mainly deals with international financial activities such as foreign real estate investment and long term company loans. Merchant banks do not provide regular banking services to the general public. Nowadays, merchant banks provide underwriting services and consultancy services for wealthy institutions, as well as individuals. Issuance of letter of credit

Report Islamic Financial Cases

4483 words - 18 pages are kept confidential. There are two key foundation stones upon which arbitration as a method of dispute resolution has grown. First, the United Nations Commission on International Trade Law (UNCITRAL) Model Law. The UNCITRAL Model Law is a model national arbitration law designed to assist states in reforming and modernising their laws on arbitral procedure so as to take into account the particular features and needs of international commercial

Enviromental Law

4010 words - 17 pages business at an international level has become extremely easy to execute. Opening the communications lines may appear to be easy, but the challenges that potentially arise may sometimes out weight the benefits. In today’s business world international relationships are a key component to certain market’s survival. When dealing with international suppliers in regards to importing their goods or exporting goods to a client one, foreign law is a major

Grant Thornton App Questions

1258 words - 6 pages peoples’ concerns in order to address them. By reference to other careers, explain why law would be your chosen career. As my father is an investment banker and I have always enjoyed mathematics, I was initially drawn to a career in banking. During an internship at a commercial bank, however, I became fascinated by the effect subtle differences could have on the nature of a commercial agreement. For example, the use of the word ‘and’ versus the

Related Essays

International Commercial Transactions Law Essay

4337 words - 18 pages is the culmination of protracted litigation, raises two distinct questions of law which it is convenient to deal with separately. The first, which I will call the documentary credit point, relates to the mutual rights and obligations of the confirming bank and the beneficiary under a documentary credit. It is of general importance to all those engaged in the conduct and financing of international trade for it challenges the basic principle of

Legal Aspects Of International Trade Essay

752 words - 4 pages intellectual property law | International diplomatic and consular law | | Private international law | Conflict of rules | International commercial arbitration law | International sale of goods | Special issues of private international law | Harmonizing international business laws The role of international organizations: * Manage and govern international trade * Open borders * Modernize customary exchanges * Reduce trade

Business Essay

955 words - 4 pages (1794) between Great Britain and the United State, which established three arbitral commissions to settle questions and claims arising out of the American Revolution. International arbitration has long been recognized in Russia as a means of settling commercial disputes. Russia’s Law on International Commercial Arbitration of 1993 is based on the UNICITRAL Model Law on international commercial arbitration. This law governs arbitrations that

Application Of International Law Essay

1593 words - 7 pages enforcing arbitral agreements. The Agreement must be in writing, deal with an existing or future dispute, and cover a dispute that arises in regards to the legal relationship, and include a condition that the general requirements for construction of a contract to be met. In Russia, the Federal Law on International Commercial Arbitration, 1993 (the "Law") governs international commercial arbitration throughout the entire territory of Russia. Plainly