FITT 4107 Legal Aspects of International Trade
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International law serves to extend international trade, investment and promote prosperity. These laws and mechanisms fall under two main categories, the private law of international trade and law of countries, albeit there's an enormous overlap between the categories. The law on private trade deals with the rights and obligations of international traders and investors facing one another. Here, there's a requirement for mechanisms to resolve the conflicts of laws between persons from different legal systems. There's also a value in promoting harmonization initiatives to scale back trade transaction costs between people from different legal cultures. Where there's a law on international trade, there's a requirement to develop an appropriate compromise between the sovereign rights of the state states and thus the desire for cooperative behaviour between them. Here, there's a special goal to identify processes and mechanisms to plug the normative effect of international rules, given the shortage of any quiet coercion over national states. Insufficient and inefficient laws and mechanisms are becoming a disincentive to trade and productive investment.
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