Introduction to International Trade Law

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Introduction to International Trade Law

Last updated on 29 Aug 2024
03 Nov 2023 . 1 min read

Trade Law Overview

Legal Framework

Finance Facilities

Emerging Trends

Mark Abrams
Mark heads up the trade finance offering at TFG where his team focuses on bringing in alternative structured finance to international trading companies.

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Contents

    International trade law holds significant importance in fostering a globalised economy, playing diverse roles crucial for businesses and nations alike. Its primary role is to facilitate the smooth movement of goods and services across borders by minimising trade barriers. Moreover, it establishes a robust framework for dispute resolution, ensuring stability in the global trading system. This legal certainty not only encourages investment but also stimulates economic growth.

     

    The safeguarding of intellectual property rights, prevention of unfair trade practices, and promotion of fair competition are integral components, maintaining an equitable business environment. Furthermore, it plays a pivotal role in harmonising standards, simplifying cross-border trade, and addressing environmental and social considerations, striking a balance between economic interests and sustainable practices.

     

    In essence, international trade law is foundational for shaping a fair, predictable, and thriving global trade landscape, benefitting businesses and economies worldwide.

    Who governs International Trade Law?

    The World Trade Organization (WTO) stands as the sole global international organization dedicated to regulating trade between nations. At its core lie the WTO agreements, meticulously negotiated and embraced by a majority of the world’s trading nations, subsequently ratified in their respective parliaments.

    What is the WTO?

    Established formally in 1995, the WTO functions as a paramount international entity tasked with overseeing and governing trade. Its establishment as a comprehensive trade regulatory body is rooted in the Agreement Establishing The World Trade Organization, commonly referred to as the “Marrakesh Agreement.” Charged with the responsibility of managing the rules that govern international trade, the WTO serves as a platform for facilitating trade negotiations among its expanding membership, which has grown from 123 in 1994 to its current count of 164 member nations.


    The United Nations Commission on International Trade Law (UNCITRAL) is instrumental in crafting the framework for international trade law, driven by its mandate to propel the ongoing harmonisation and modernisation of global trade regulations.

    What is UNCITRAL?

    Established by the General Assembly in 1966 through Resolution 2205(XXI), the United Nations Commission on International Trade Law (UNCITRAL) was created to address disparities in national laws affecting global trade. The General Assembly acknowledged that these differences posed obstacles to trade flow and envisioned UNCITRAL as a crucial mechanism for the United Nations to actively mitigate or eliminate such impediments. It is a legal entity with global membership, specialising in the worldwide reform of commercial law.

    Who are the leading law firms in international trade?

    The Top 20 Law Firms in International Trade

    • Akin Gump Strauss Hauer & Feld
    • A&O Shearman
    • Arent Fox Schiff
    • Arnold & Porter
    • Baker & McKenzie
    • Cleary Gottlieb Steen & Hamilton LLP
    • Covington & Burling
    • Crowell & Moring
    • Debevoise & Plimpton
    • Dentons
    • Freshfields Bruckhaus Deringer
    • Herbert Smith Freehills
    • Holland & Knight LLP
    • Hogan Lovells
    • King & Spalding LLP
    • Mayer Brown
    • Norton Rose Fulbright
    • Sidley Austin LLP
    • Steptoe Johnson
    • White & Case LLP

    Speak to our trade finance team



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