Introduction to International Trade Law

TFG Legal Trade Finance Guide

Trade Finance Global / Introduction to International Trade Law

Introduction to International Trade Law

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
  • Allen & Overy
  • 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

Videos – International Trade Law

International Trade Law Podcasts



Featured Insights

ITFA Christmas Party Video | ITFA Christmas Party: Unwrapping the EU Late Payments Regulation Businesses and public authorities across the EU may be facing tougher laws on late payments, with the European Commission proposing a new regulation enforcing maximum 30-day terms. 
Video | Educating regulators: The IFC factoring guide Video | Educating regulators: The IFC factoring guide The UNIDROIT’s Factoring Model Law, the FCI Legal Study, and the IFC Knowledge Guide on Factoring Regulation and Supervision, reflects a collective endeavour meticulously designed to operate in harmony.
Kuvera Resources v J.P. Morgan Chase: Certainty of payment vs risks of breaching sanctions under Letters of Credit Kuvera Resources v J.P. Morgan Chase: Certainty of payment vs risks of breaching sanctions under Letters of Credit The overreaching arc of sanctions regulations is threatening the certainty of payments guaranteed by the smooth functioning of letters of credit (LC) in international trade. This tension recently played out in the Singapore courts in a judgment handed down recently (Kuvera Resources Pte Ltd v JPMorgan Chase Bank, N.A. [2023] SGCA 28). 

Access trade, receivables and supply chain finance

We assist companies to access trade and receivables finance through our relationships with 300+ banks, funds and alternative finance houses.
Get started

Strategic Partners

ITFA logo
ICC
FCI logo
Institute of export
SME

Contents

Access trade, receivables and supply chain finance

We assist companies to access trade and receivables finance through our relationships with 300+ banks, funds and alternative finance houses.
Get started

Latest News

03Jan

Deutsche Bank closes US$3.5bn issuance of TRAFIN 2023-1, fifth iteration of synthetic securitisation

0 Comments

Deutsche Bank today announced the US$3.5bn issuance of TRAFIN 2023-1, the fifth iteration of its trade finance significant risk transfer… Read More →

21Dec

Video | ITFA Christmas Party: Unwrapping the EU Late Payments Regulation

0 Comments

Businesses and public authorities across the EU may be facing tougher laws on late payments, with the European Commission proposing… Read More →

13Dec

Video | Educating regulators: The IFC factoring guide

0 Comments

The UNIDROIT’s Factoring Model Law, the FCI Legal Study, and the IFC Knowledge Guide on Factoring Regulation and Supervision, reflects… Read More →

14Nov

Kuvera Resources v J.P. Morgan Chase: Certainty of payment vs risks of breaching sanctions under Letters of Credit

0 Comments

The overreaching arc of sanctions regulations is threatening the certainty of payments guaranteed by the smooth functioning of letters of… Read More →

13Sep

TFG to host comprehensive Tradecast on UK’s Electronic Trade Documents Act (ETDA)

0 Comments

Trade Finance Global (TFG), in collaboration with UK Export Finance and the Department for Business & Trade, is set to… Read More →

21Aug

Almond ailments: New York courts find jurisdiction a hard shell to crack

0 Comments

Does a New York court have jurisdiction over an Indian collecting bank that is alleged to have violated the Uniform… Read More →

08Aug

Thumbs up for trade: the influence of an emoji

0 Comments

A judge in a Canadian court case has ruled that a thumbs-up emoji constituted a legally binding acceptance of a… Read More →

10Jul

Credit insurance, export credit and funds: The 5 pillars to help the African trade gap (Part 2)

0 Comments

In a bid to enhance access to trade for micro, small, and medium-sized businesses (MSMEs), the World Trade Board has… Read More →

06Jul

Going up in smoke: Trade sanctions from Cuban cigars to Russian oil

0 Comments

In 1977, as Mr Justice Kerr was coining his often-cited description of the letter of credit as the “lifeblood of… Read More →

05Jun

In defence of Investor-State Dispute Settlement

0 Comments

Despite the widespread ‘backlash’ against ISDS, originating primarily in academia, ISDS offers important procedural protections for foreign investors and should… Read More →

About the Author

Trade Finance Global (TFG) assists companies with raising debt finance. While we can access many traditional forms of finance, we specialise in alternative finance and complex funding solutions related to international trade. We help companies to raise finance in ways that is sometimes out of reach for mainstream lenders.

Back to Top