What are the advantages and disadvantages of international trade law?

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First things first—let's define what trade law is. Simply put, international trade law refers to the rules that govern trade deals taking place across international borders.

The existence of laws like this is what makes international trade possible, because no country can force another country to abide by its rules....

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First things first—let's define what trade law is. Simply put, international trade law refers to the rules that govern trade deals taking place across international borders.

The existence of laws like this is what makes international trade possible, because no country can force another country to abide by its rules. The biggest advantage of these laws is that countries can protect their markets and their citizens by, for example, preventing an influx of cheap goods from other countries that would harm local businesses by taking sales away from them.

On the down side, restrictions on international trade can lead to discrimination, which is why the United Nations General Assembly is committed to the lessening of legal impediments to international trade. Such laws are also often very difficult to agree on, because of differing social and cultural practices and beliefs.

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Let's start by defining international trade law. As the name implies, international trade law refers to the way commerce between countries is conducted and the laws that must be followed. This can include areas like copyright law, environmental protection, labor law, and tariffs (taxes on imports).

When two countries trade, they must agree on a set of rules because each country cannot, by itself, apply its own law. For example, the United States cannot, on its own, tell Austria how to conduct business. But the two countries can agree on standards and laws that they will follow when trading with each other. So, an advantage of international trade law is that both parties, or all parties (since trade can involve multiple countries), have agreed upon a set of rules that every country must follow. For example, ten countries can agree not to trade in ivory or can agree that any cars produced must be made in a way that is environmentally friendly.

The disadvantage of international trade is that each country is going to have to make concessions that may not align with their own country's preferences and laws. For example, US copyright law may be very different than the copyright laws of Honduras or Sweden. US corporations may oppose having to follow different sets of laws depending on where their products are being sold. On the other hand, international trade law can be set in such a way to allow for corporations to have one set of rules, no matter what country they are selling or buying from.

In summary, international trade law can set uniform rules to encourage and standardize trade. These rules and laws can also cause problems, especially when they differ from domestic laws.

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International trade law is the set of laws that governs trade between nations.  These laws can be created by international bodies such as the World Trade Organization or they can be created by the governments of the various sovereign states.

The major advantage of having international trade law is that these laws can facilitate trade.  When there are laws that are harmonized and coordinated (rather than conflicting with one another) it becomes much easier to trade.  Firms trading from one country to another can be more confident that they know the laws that will govern their transactions.  This reduces the risk of trade.

The major disadvantage comes not from the existence of the laws but from poorly made or poorly harmonized laws.  Problems arise when two countries' laws do not mesh well with one another.  This can lead to trade disputes and to less trade.

So international trade law is valuable because trade is valuable.  But these laws are not always good because different countries have different laws that may not mesh well together.

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