Law of International Trade

Law of International Trade

INTRODUCTION...........................................................................................................................3
Main Body.......................................................................................................................................3
WTO organization.......................................................................................................................3
CONCLUSION................................................................................................................................6
REFRENCES...................................................................................................................................8

INTRODUCTION
International trade laws are those laws that have been formed in order to regulate trade
activities taking place at international level. These laws provides framework that makes
international trade conducted in smooth manner. Such laws make various kinds of organization
formed within it that has helped in providing directions in relation to international trade
practices. Further the laws have been helping in making sure those goods and services between
countries are exchanged in proper manner. Also it helps in generating customers base at global
level then such laws helps in making customs process of making goods available in proper
manner with more efficiency. In the file things covered is based upon dispute settlement body
and World Trade Organization.
Main Body
WTO organization
The World Trade Organization is an intergovernmental organization which makes
regulation of facilities done in relation over international trade taking place within an
organization. Further the organization has been established in the year 1st January 1995 under the
Marrakesh agreement which replaced General Agreement on Tariffs and Trade formed in 1948.
The organization has become one of the fastest international economic organizations and has 164
members that have been representing 96% of global trade all over world. WTO mainly deals
upon trading of goods and services with intellectual property. In these participating countries has
been providing framework in order to make negotiation possible in relation to trade agreements.
It aims upon reducing and eliminating of barriers which makes restrictions reduced through
signing agreements between its members (Costa, 2020). WTO administers independency in
solving dispute with the help of dispute resolution. Under it organization prohibits irrelevant
trade practices with the help of non discrimination between trading partners, but provides
exceptions for environmental protection, national security, and other important goals. There are
certain principles that have been formed by WTO over dealing upon activities related to trade
practices. These principles are Non-discrimination: It consists of two major components that is
Most favored Nation and national treatment policy. These are been made two most important
rules related to goods, services, and intellectual property. Scope of these rules is wider in nature
in relation to nature of trade practices existing within a country. The rule of MFN for giving
equal status in relation to trade for a country. WTO members are required to grant most
favorable conditions that makes trade possible in relation to a specific product. Specific favor is
been given to a country by the members of WTO. National treatment means importing goods
required for making available to an organization in its domestic market. It has helped in making