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International Trade Factors

International Trade Factors. Treaties/Agreements Each Country Wants To Make Its Goods/Services More Competitive Rule Of Law/Property Rights Apply To Businesses Nation-States. What Is International Law?. Principles Widely Practiced And Acknowledged By Civilized Nations To Be Law.

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International Trade Factors

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  1. International Trade Factors • Treaties/Agreements • Each Country Wants To Make Its Goods/Services More Competitive • Rule Of Law/Property Rights Apply To • Businesses • Nation-States

  2. What Is International Law? • Principles Widely Practiced And Acknowledged By Civilized Nations To Be Law. • Paquette Habana Case (1900) – International Law Is Part Of Our Law. (U.S. Supreme Court) • International Organizations

  3. Public International Law • Statute Of The International Court Of Justice (World Court) • Non-Binding Decisions • Applies To Disputes • International Conventions • International Custom • General Principles Of Law • Judicial Decisions/Teachings Of Qualified Publicists

  4. Private International Law • Laws Of Nations • Multilateral Agreements • Conflicting/Differing Laws Create Instability • International Commerce Is Complex • Determining Proper Forum (Court) Difficult

  5. United Nations • Post World War II • Goal – To Save Succeeding Generations From Scourge of War. • Authorizes Collective Measures For Prevention And Removal Of Threats To Peace, And Suppression Of Acts Of Aggression.

  6. World Trade Organization (WTO) • General Agreement On Tariffs And Trade (GATT) (1948) • 1994 Uruguay Round – Amended GATT & Created WTO • Principles • All Members Equal In Trade • No Favoring Of Domestic Over Imported Goods/Services • Eliminate Trade Barriers Montevideo, Uruguay Harbor Courtesy of C. Bowles

  7. European Union • Treaty Of Rome (1957) • Single European Act (1987) - Remove Barriers To European Trade • Maastricht Treaty (1992) - Create Federal Government • Commission Of Entire Union • Coordinate Policies Of Members • Nice Summit (2000)- Added (2007) 12 Members To Original 15

  8. Conventions On International Sale Of Goods • Effective 1988 • Applies To Contracts For Commercial Sale Of Goods • Supercedes U.S. Commercial Code Freedom In Contract Negotiation- Not In Writing

  9. North American Free Trade Agreement (1993) • Among US/Mexico/Canada • Free Trade • Dispute Settlement • U.S. Has Trade Deficit With Both

  10. Central American-Dominican Republic Free Trade Agreement (CAFTA-DR) • 2005 • Similar to NAFTA • Among Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, The Dominican Republic And The United States • Eliminate Product Trade Barriers

  11. Transacting International Business • Foreign Sales • Irrevocable Letter Of Credit - Buyers Issuing Bank • Bill Of Lading - Seller’s Confirming Bank • License/Franchise • Direct Foreign Investment • Foreign Subsidiary • Joint Venture

  12. International Trade Risks • Loss Of Investment • Expropriation - Confiscation • Nationalization - Power Of Eminent Domain • Export Controls • Bribes - Foreign Corrupt Practices Act (1977) • U.S. Antitrust Conflicts

  13. Resolving International Disputes • Suing Foreign Governments- Sovereign Immunity - Foreign Sovereign Immunities Act (1976) - Commercial Acts • Suing Foreign Firms- Hague Service Convention • Alien Tort Claims Act • International Arbitration

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