Overview of International Trade Law
INTERNATIONAL TRADE LAW
International Trade is an important part of economy of any country. It is complex and ever expanding law which keeps on evolving on a day to day basis. International trade law can be different for different countries. International trade is dependent on various types of laws which can be treaties, agreement, national law, etc.
Types of International Trade Relationships
There are basically four types of international trade relationships arrangements: unilateral measures, bilateral relationships, plurilateral agreements, and multilateral arrangements.
- Unilateral Measures are those measures in which a country/state decides itself to implement some sort of national law regarding international trade. These are measures which can be the policy of a government regarding international trade. A sovereign state is free to implement laws for international trade with its territory according to its own wish.
- Bilateral Relationships are those relationships which are maintained by two sovereign states. These relationships are maintained by the bilateral talks, dialogues, treaties, etc. Hence, there can be agreement between states to increase trade relations between themselves.
- Plurilateral Agreements is an agreement between more than two countries, but not a great many, which would be multilateral agreement. Hence, these are the agreements which have fewer numbers of participants as compared to multilateral forums but it still hold importance to International Trade. These Agreements are important in creating regional trade between particular region which leads to the development of that region. BRICS is a very good instance for Plurilateral Agreement.
- Multilateral arrangements are those arrangements which are made by establishing a forum for countries to make any uniform policy for establishment of International trade. These forums are extremely important as these forums give chance to establish trade relations with many countries. These multilateral arrangements also act as a mediator between two states and help to resolve issues or disputes between the states. World Trade Organisation (WTO)/ General Agreement on Tariff and Trade (GATT) is one the best instance for this kind of arrangement
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