Laws are essential for the proper functioning of a country and to solve any disputes in an organized manner. There are various types and categories of laws which are a part of our constitution like Civil Law, Criminal Law, Business Law, International Law, etc.
In this article, we will be discussing international Business Law and highlight some of its major role in global business. But first, let us define International Business Law.
What is International Business Law?
International Business Law, also known as the International Commercial Law, is a set of rules and regulations, treaties, financial customs, etc. which are accepted in between nations while carrying out different business protocols. International Business law focuses on providing a mutual sense of understanding and unity and brotherhood among the different nations and on carrying out hassle-free commercial transactions.
Let us now highlight International Business Laws;
GATT means The General Agreement on Tariffs and Trade focuses on providing multilateral hassle free trade and aims at eliminating the trade barriers by granting MFN (Most Favoured Nation) status, which has given access to low import rate for the MFN.
GATT also consists of two other principles which are as follows;
Let us now discuss the role of International Business Law;
International Business Law helps in promoting hassle-free business negotiations with different business organizations around the globe.
International Business Law helps in the proper regulation of import and export of goods. It also ensures the protection of domestic interests by implementing different non-tariff actions like perfect quality control of goods, embargoes, quotas, etc.
International Business Law ensures the proper functioning of Multinational Enterprises and to ensure that they carry out all business transactions in a legal way.
International Business Law helps in controlling the Global Business competition which in turn prevents the different business organizations from resorting to unfair means of staying ahead in the competition.
International Business Law helps in the protection of business property rights through copyrights, patents, trademarks, etc.
Just like any other international law, International Business Law plays an essential role in the business sphere, to ensure flawless business transactions without any deadlock between the nations.