With globalisation and lesser trade barriers, international trade is growing in volume and importance. Along with the commercial activities, the laws to regulate the same are also evolving to keep up with the need of time. Since trade is taking place beyond a country’s borders and within a lot of countries, trade blocs and the like, there is an international system in place to regulate it and keep a check on unfair practices. International trade law includes various treaties, agreements, national laws, international conventions etc. We have a panel of lawyers who specialise in these laws and provide legal guidance with respect to compliance, litigation, documentation or any sort of advice sought by the client.
A few must know points for lawyers advising on international trade matters:
The four basic categories of trade relationships or arrangement in international trade include:
- Unilateral Measures – These are implemented by a sovereign state, within its national boundaries. An independent state is free to decide the terms of unilateral measures related to international trade. The government may change its international trade policy as and when it deems fit.
- Bilateral Arrangement – This involves two sovereign states. The agreements, treaties, trade talks, summits between two nations for promotion of trade between them come within bilateral measures. The two countries in question may have specific policies to favour the other.
- Plurilateral Agreements – This refers to agreement which has more than two countries on board yet not too many since that would make it multilateral. These include regional trade arrangements since it is convenient for geographically contiguous countries to work out trade arrangement within themselves. A good and successful example of a plurilateral trade bloc is ASEAN, which has expanded the volume of international trade within its members significantly since its formation in 1967.
- Multilateral Arrangements – These arrangements involve a lot of countries and basically provide a platform to all the consenting members to establish few basic rules and uniform policies for regulation of international trade amongst the members. Such forums are able to keep a check on unfair trade practices and predatory trade actions of the economic giants. They also let the disputes be heard and solved on a global level, to safeguard the interests of all member economies. World Trade Organisation is a perfect example of such set up.
The lawyers of our firm have been handling international trade matters since years and we have had clients from various industries, businesses and also highly placed individuals. It is our endeavour to provide the best and expeditious solutions to our clients since we know time is a valuable asset and our clients are usually short of that.