What is international trade law?
International trade law is a set of rules and regulations that surrounds the relationships of nation states and the rules that they make to regulate their domestic markets in relation to international trade. Although international trade law may seem obscure, it actually has a substantial impact on the structure of international trade and can determine the products and services which are available to purchase or export in a particular country and thus have an effect on peoples day to day lives. since the end of World War II there has been a Western led impetus to liberalise international trade which has found its expression in the formation of the World Trade Organisation. The liberalisation of international trade is based on the theories of Adam Smith, the classical liberal economist who posited the theory of comparative advantage. A consequence of this theory is that if nations are allowed to specialise in the industries in which they excel this will result in lower prices and more supply for the global population. this theory therefore describes policies of the reduction of tariffs and subsidies and the encouragement of free trade between nations where ever it is economically logical.
Although the project international trade law has always had its critics, most notably from the socialist states during the Cold War and more recently from states which are not aligned to the Western liberal ideology of free-market capitalism, there has been a substantial increase in the volume of global trade during the period since the end of World War II and this has coincided with a substantial rise in the average living standards of the global population. We would therefore be unwise to heed the lessons of the 20th century in relation to the liberalisation of international trade. Commercially, international trade and the laws which apply to it a very significant issue, particularly for export import businesses or any company which is involved in the production or consumption of goods produced overseas or services to or from overseas. This pattern of consumption is virtually impossible to avoid given the progress of globalisation and for this reason the need for international trade law is likely to explode in the coming years.
If you are someone involved in import-export business, or any business that conducts trade with other countries, then trade lawyer can assist you to understand the obligations that you have two other governments as well is your own and to ensure that you will not find are found in breach of its regulations. There can be serious consequences for not complying with trade regulations when they are imposed by governments and this reason professional advice is always necessary in relation to these matters. If you would like to speak to a trade lawyer we have one available online now who can speak you. Alternatively, you can post your query to the question box below water the contact form to the right and we will endeavour to assist you as soon as possible.