Trade is one of the important means through which the whole world is interacting with each other. After accepting the idea of globalization, the world has survived on the international trade. Many countries have made different types of rules and regulations to increase transparency in the international trade market. It ultimately enhances the economy of a country and of course the relationships with other countries. Trade across the boundaries is similar to the domestic trade expect the rules, treaties, and boundaries.
The international trade law controls the exchange of goods and services all over the world. Ari Afilalo– an expert in the International trade laws and other business laws. He is doing work in the betterment of the trade society. In this book- The New Global Trading Order- The Evolving State and the Future of Trade give his unique insight into the world of trading. The new global trade law and management describes various discrepancies that have shaped the features of global trade. Ari’s main focus in this book is on three main topics, that are-
To strengthen the trade across the boundaries the countries have signed a lot of treaties with other countries. In addition to this, the international trade laws mainly focuses on the subsidies, tariff, and other trade protection forms. The International trade laws are made so that no country takes the advantage of other and avoid the exploitation.
A multilateral treaty is required to administer the trade in goods that involves several complex rules of international trade. This treaty is known as General Agreement on Tariffs and Trade (GATT). It was founded to decrease the number of tariffs and trade difficulties. In 1947, GATT was signed by more than 100 countries and has helped the international society for many years. After many years the World Trade Organization (WTO) came into existence, which actually started performing on January 1, 1995. The WTO is the organization that instructs all countries for trade. It is a dispute settling body between the countries. If you want to know more about international trade laws and their role in a country’s growth click here.