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International Trade is one of the fastest growing business domains across the world. The advent of various technological trends has eased the process of international trade. Studying international trade law is very important to understand the international contracts, treaties that are signed between countries for legal trade, legislations and also to solve the disputes related to inter – state trade disagreements. It further helps students to define their topic while preparing an assignment on the law of international trade.
International trade law is described as the exchange of products, goods or services along the international borders. International trade has enabled severe competitions in market and thus, product or service rates are more competitive in markets. International trade law is considered to be a complex legal study as it involves various levels of interactions and trade companies. It is very important to have an in-depth knowledge about the laws and policies associated with the international trade that are applicable in trade countries.
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International trade law comprises of the customs and rules that governs trade between two different countries. Lawyers who have expertise in international trade concentrates on the application of domestic laws to the international or global trade and also applying international law governing trade that is treaty – based.
Two of the key domains of international trade on domestic part include export sanctions / controls and trade remedy work. Basically, trade remedies are a set of tools that are utilized by the government to take specific actions against imports that is harmful to a domestic industry because of unfair foreign subsidy or foreign pricing.
On the other hand, export control laws deals with the export of technology, software or sensitive equipment for reasons that are associated with the national security and foreign policy objectives. Three important government agencies (based in US) that have the power to issue export licenses are: Department of Treasury, Department of State and Department of Commerce. Violating export control laws can carry penalties on both the criminal and civil category.
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