International Trade Law And The United States

1968 WordsNov 16, 20148 Pages
All countries apply the rule of law, but the systems in each country differ. For example, while the UK has common law, the USA uses civil law, so this can see that countries apply differing approaches to jurisdiction and the law. International Trade Law governs cross-border trade in goods and services and serves to provide a legal framework for exchanges between parties located in different countries. In these circumstances, it is common that the trading parties are not familiar with each other before engaging in trade, so International Trade Law can help mitigate the risks involved and offer protection to the trading parties. The existence of International Trade Law has the potential to mitigate a number of potential difficulties which contracting parties might face. Various situations have been presented which have not been adequately addressed by current trade laws; frequently these arise when parties are based in different countries which operate different legal systems and when the parties had not specified which legal system would apply to their agreed contracts. The issues of whose laws will apply and which court shall have jurisdiction is an ongoing concern in global trade. The issue can be resolved through the consideration of rules governing conflict of laws, these also often differ between the legal systems in the countries of the parties involved in the conflict. Moreover, it is in the best interests for all parties to find a means of harmonizing the legal
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