International Economic Trade Assignment 2022

Running head: INTERNATIONAL TRADE
INTERNATIONAL TRADE
Name of the student:
Name of the university:
Author Note:

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Table of Contents
Introduction................................................................................................................................2
Discussion..................................................................................................................................2
Conclusion..................................................................................................................................4
References..................................................................................................................................5

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Introduction
The aim of the assignment is based on the international economic organization
suppose the World Trade Organization are further in governance of the international laws as
per the consent of the states. The international economic laws are authorized or rather
government by the states in case of the binding enforceable by law. The world trade
organization is governed by the laws associated with the intergovernmental organization and
world trade organization deals with the regulation of the goods, services and intellectual
property further by providing the framework for negotiation purposes and trade agreements
(Matsushita et al., 2015).
Discussion
It is true that the world trade organization are further governed by the rules and
regulation which are abide by the international laws of the business (Haggard & Kaufman,
2018). The internal norms must further be revised on an interval basis as most of the trading
such as the international export and import takes place within the various countries. Due to
the technological advancement it is needed to revise the norms based on the certain laws and
principle in the system. The government are also included in the meeting held in the world
trade organization. The principles have quite a strong grassroots level as these are the
foundation of the multilateral trading system. The multilateral trading system also creates
argument in the creation of the Silk Road.
The world trade organization further maintains the institutional relationship with the
other international organization and other arrangements are made by the IMF and World
Bank. World trade organization merges both the concepts of legal system and legal orders
together. In case of trading, the rules and regulations are followed by the sovereign states and
further the organization are adhere to the international conferences formed under the

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traditional international law (Gilpin, 2016). The settlement of the disputes are also made
within the organization which are rooted with the contemporary international laws. The
settlement mechanism is quite distinctive in nature compared to the sophisticated system of
the world trade organization (Jacobs, 2016). The regulation of the international laws binding
all the trade relation within the countries. Further the international laws promote the justice
peace, common interest and trade. The international laws are attached with the government
norms and acceptance. The laws of the country are applicable for certain citizens and other
people who encourage within the country. The international law includes the necessary
elements which are the human rights, trade relationship between states, fair treatment of
prisoners and further preserving the environment. There are certain complex issues in the
international law which further reflected due to the issue of sovereignty.
The international legal orders of the world trade organization are governed by the
body of rules constituting within the system which further governs the particular society or
group (Castells, 2017). There are two significant elements of the international legal orders
which are the valid rules and enforcement mechanism. The world trade organization actually
poses the unique legal system which is developed based on the international laws of the
business. Further the implementation of the new rules and regulation is significant which
will settle the disputes at the time of institutionalizing international responsibilities which is
embedded in the traditional international laws for decentralization. The world trade
organization is a part of the international legal orders generated by the legal system. If the
legal systems are effective then it will further be possible to reduce the significant disputes in
the trading system within the world trade organization (Brack, 2017).
The members of the world trade organization plays significant role in managing the
internal system of the organization. The change in the management of the members may
create some of the major problems within the internal management system. The trading

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which takes place within the countries are all kept in record and further actions are taken by
the members of the world trade organization regarding the same (Aggarwal, 2019). All the
negotiation agreements take place are recorded in the world trade organization which further
ensures the economic growth and development. The world trade organization helps to
eliminate the obstacle to trade in the system which is further governed under the rules of the
international trade. The developing capacity are further dependent on the government of the
international trade (Polanyi, 2018). They also conducts the economic research by the process
of collection of the data which supports the activities related to the world trade organization.
Such kind of trading system removes the barriers such as poverty and enhance the people’s
welfare, peace and stability (Bown, 2017).
The world trade organization always tries to make the full utilization of the
international legal personalities which is actively based on the circumstances of the
international organization. The negotiation which takes place within the legal system are
basically the specialized forum and reinforces adjacent to the legal orders of the business. In
the internal orders of the business, world trade organization is the engine considered in the
international trading orders (Baldwin, 2016). The social, political and economic factors
creates consequences on the trading system of the world trade organization and in case of any
types of significant disputes it is the responsibility of the international order system to
monitor the any violation of the norms in the system.
Conclusion
From the above discussion it can be concluded that it is significant for such huge
organization like the world trade organization to follow the norms adhere to the international
trading orders. The international legal system of the firm must be followed and in case of any
dispute some of the changes in that case are needed. The mechanism for settling the disputes

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in that case must be effective or otherwise there will be scam in the system. Hence it is
important for the world trade organization to follow the rules developed in the system
otherwise there may be dispute in the trading system. In order to run the trading system a
much dispute free it is needed to follow the rules based on the international legal principles.
References
Aggarwal, V. K. (Ed.). (2019). Institutional designs for a complex world: Bargaining,
linkages, and nesting. Cornell University Press.
Baldwin, R. (2016). The World Trade Organization and the future of multilateralism. Journal
of Economic Perspectives, 30(1), 95-116.
Bown, C. P. (2017). US-China trade disputes and the world trade organization. US-China
Cooperation in a Changing Global Economy.
Brack, D. (2017). International trade and the Montreal Protocol. Routledge.
Castells, M. (2017). Another economy is possible: culture and economy in a time of crisis.
John Wiley & Sons.
Gilpin, R. (2016). The political economy of international relations. Princeton University
Press.
Haggard, S., & Kaufman, R. R. (2018). The political economy of democratic transitions.
Princeton University Press.

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Jacobs, J. (2016). The economy of cities. Vintage.
Matsushita, M., Schoenbaum, T. J., Mavroidis, P. C., & Hahn, M. (2015). The World Trade
Organization: law, practice, and policy. Oxford University Press.
Polanyi, K. (2018). The economy as instituted process. In The sociology of economic life
(pp. 3-21). Routledge.