International trade and its definition

This is a set of laws that apply to commercial relationships including bank credit, transportation, insurance, industrial property, technology transfer contracts, multinational corporations, and investments.

Definition of international trade In other words, international trade is an agreement between two parties, one of whom resides in the same territory of the country and does not reside in the other, and is subject to the law of transactions and the law of foreign transport. International trade is divided into two parts, internal trade within the country and foreign trade outside the country, including financial exchanges and comprehensive services between countries.

Characteristics of International Trade Law International trade law can be traced back to the Middle Ages, through the commercial exchanges that took place in Western Europe since the eleventh century in the Italian city (Genova), which was famous for its commercial transactions and was considered due. the international community in the late eighteenth century. A law to create new laws for the establishment of international trade law through the conclusion of international agreements in the field of trade exchange

GATT The first GATT agreement of 1947 was a special agreement on customs marks, followed by the World Trade Organization from 1993 to 1995, in addition to the Rome Convention on the International Sale of Goods and the Hague Convention of 1980, 1964 specialized in the international sale of tangible movables … and many other agreements . This feature is associated with the emergence of the terms and rules of international trade law, which were originally a set of provisions circulating among specialists in the field of international trade. This feature determines the law relating to contractual relations with foreign agents.

  • This feature determines the law of contractual relations related to abroad, so the provisions of the International Trade Law directly stipulate topics with realistic conditions and unified objective rules, which belong to international trade relations and transactions in various fields respectively. These rules provide for international sales, insurance, freight, bank billing and credit.
  •  The provisions of the International Trade Law are not issued by a legislative authority belonging to a specific country, and its provisions have been established to regulate contractual relations outside the borders of the state in the field of international trade. Most of the contracts assigned to it are taken from international agreements or drawn up by professional bodies specialized in the field of international trade.

Trade and the economy are two sides of the same coin because of their great impact on relations between countries, and economic and commercial globalization emerges through the activity carried out by the World Trade Organization, as it seeks to unify the activity of international trade, and to establish a legal framework for it through concluding international agreements regulating all fields, and this The reason that leads to the diversity and speed of international commercial transactions, and the question of the independence and consideration of international trade law as a branch of private law has raised a great deal of controversy, until it was actually proven,

Some emphasized that the rules and provisions of international trade are specific and directly objective, and the independence of international trade law was demonstrated through the presence of specialized international bodies that always work to activate international trade law, such as the United Nations Commission on International Trade Law.

Leave a Reply

Connect with

Keep in touch!
Get updated regularly on our latest offerings!



Sign in

Connect with

Send Message

My favorites