The ever-increasing trend of globalisation is meaning that the legal structures and systems in which business operates are changing as rapidly as every other part of the business environment. The emergence of global corporations particularly in the late 20th century, is indicative of the way in which every aspect of the global society is becoming relativised global values, global ideals, global regulatory processes, global capitalisation, and a restructuring of virtually every dimension of business towards the global footing. This means that international business law is becoming more and more important all the time.
International business law is a very broad umbrella term, however, there is a genuine legal subject matter in relation to private international law. when transactions are conducted across international borders, there must be a way of choosing what law is to apply in a particular circumstance. This is a subject of private international law and international business lawyers need to understand how this works in order to effectively advise their clients on how to conduct transactions with the minimisation of legal risk. International business is also affected by the differing rules of taxation of different countries around the world. In many Western industrialised countries there are now 80 double taxation treaties which assist international business to flourish because they are not burdened by the taxation of two countries. There are also the rules and regulations that relate to international trade law and say what can and cannot be exported into an out of particular countries. Increasingly international environmental law also features in the considerations of global corporations when conducting operations internationally. A good example of where the consideration of the operation international environmental law would have been an excellent business decision which was not taken is the recent incident on the Great Barrier Reef in Queensland, Australia where a Chinese coal carrying ship ran aground on the Great Barrier Reef and began leaking oil onto this World Heritage listed site. this is caused a public-relations catastrophe for the company that was involved. The company must now submit to greatly increased scrutiny as a result of the disaster. It is an example of how consideration of international law could have prevented a substantial business problem from occurring.
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