Modern Definition of International Trade Law

Author:Md Habib Alam

Abstract:
International trade law consists of rules and regulations that are necessary to conduct commercial transactions between different jurisdictions. For example, the procedures of the World Trade Organisation (WTO) cover 98% of world trade. Thus, the rules and regulations are vital impacting factors for governing international trade law around the world. The international trade law may be traced back from the doctrine of LexMercatoria (laws of merchants) which was shaped by the European merchants based on their trade practices and usages. International trade law is a 'complex and wider vicinity of law' and an impacting factor in the economic growth of a state. According to Professor J.C.T. Chuah, international trade facilitates the states to enjoy the consumption of goods via the mechanism of importing and exporting goods through transnational transactions subject to international trade law. Law Lords and legal scholars defined international trade law in different ways. From legal experts' context, international trade law means rules and regulations to perform transnational transactions of goods (e-goods) and services (e-services) among different jurisdictions including the procedures of exports and imports, and the exchange of products or services. Thus, it is necessary to emphasis on ‘developed and up-to-date’ definition of international trade law. My definition of international trade law may be termed as a 'modern definition of international trade law' which will boost international commercial law from legal experts and philosophical thoughts’ contexts.

Keywords:International Trade Law, Rules and Regulations, Lex Mercatoria, Modern Definition of International Trade Law, Transnational Transactions.

DOI:10.46333/ijtc/13/2/2

International Journal of Trade & Commerce (Vol: 13 Issue:2)