international business law essay

International Business Law Essay

International law is normally a set of rules which are generally regarded and agreed upon as binding in relations that exists between nations (Brownlie, 2008). They are conventional and may often require the national legal systems to be in line with the provisions of the international rules.

They are mainly instituted by covenants, customs, resolutions, treaties as well as general principles of law. Other sources of international law include declarations of international organizations as well as writings of judges. The scope of international law also includes relations between individuals as well as international organizations.

The international law is facilitated by several international organizations. One such organization is the United Nations (UN) whose corporate social responsibility is to facilitate cooperation in international law. It ensures social progress of nations, human rights as well as achievement of world peace.

The World Trade Organization (WTO) is another international organization that facilitates international law. Its corporate social responsibility is to supervise as well as to liberalize international law.

Thus, it regulates trade between member countries; provides platform for dispute resolution process in international trade conflicts between member nations; provides framework for formalizing trade agreements as well as negotiating trade agreements.

World Intellectual Property Organization (WIPO) is another international organization under the UN that facilities international law.

Its corporate social responsibility is to ensure the protection of intellectual property among member states. It facilitates the transfer of technology such as industrial property especially to the developing countries so as to promote economic, social as well as cultural development.

International Labour Organization (ILO) is a UN specialised agency whose corporate social responsibility is to promote social justice. It also promotes internationally recognized human rights as well as labour rights.

Basic concepts of international law include property, status, tort as well as obligation. Tort as is defined in international law refers to civil wrongs which are recognized by laws, both national and organizational, as basis for lawsuits.

Wrongs as defined in the tort law are injury or harm which constitute the grounds for making claims. The main aim of this law is to ensure that the wronged party is compensated for the damages incurred as well as to discourage others from engaging in similar crime. Tort law covers defamation, invasion of privacy as well as other economic crimes.

Multilateral obligation on the other hand refers to a legal duty whose bearer, which is normally a state or organization, becomes accountable to the international community (Amnesty International, 2011). Under international law, countries are expected to hand over suspected criminals to international courts or courts in other countries should they be requested to do so.

Property refers to any valuable thing that one possesses such as land and things attached to it. These are governed by property law. It also includes any movable object that a person owns; both tangible and intangible. The use of personal property is regulated by intellectual property laws.

Status is a concept used in international law to refer to different types of protection accorded to different categories of individuals as defined by the law (Cerone, 2002). Depending on the nationality, crime committed or the situation one finds him/herself in during a conflict, he or she must be accorded protection as is defined in international law.

International law has general principles which guide its operations. According to Dubay (2011) the principles of the international law have been derived from the law of merchant (lex mercatoria) which is a body of international trading principles.

These principles are applied in solving international commercial disputes. Principles of international law are built on the concept of standard international trading rules aimed at facilitating foreign commerce by steering clear of conflicts that could arise from the different local customs laws.

The general principles applied in international law therefore include obligation of conducting trade in good faith, non-discrimination of traders from different regions, reciprocity of obligations, as well as, negotiated dispute settlement.

The principles of international law govern international business, which again has several components. Trade, which is a basic component of international business, refers to exchange of goods, services as well as capital across territories which include international borders.

International business also comprises of risks which have to be dealt with. Managing risks refers to putting in place strategies and measures that enable multinational companies, businesses or countries leverage uncertainties or risks such as political risks and therefore protect their investments while taking advantage of opportunities in those areas.

Licensing agreements form basic components of international business. They generally refer to authorization by one party that allows the other (licensee) to use the licensed property. In most cases, the party in need of the license acquires it from authorities to allow for operation of an activity in an area.

Intellectual property rights on the other hand refers to legal rights which includes patents, trademarks, copyrights as well as other rights such as trade secrets or industrial design rights which are entitled to an individual, organization or institution due to intellectual activity in a specific field which may include literary, artistic or industrial field (Adler, Ostrow, Pisacreta & Raysman, 2005).

Under this law, proprietors or owners are awarded certain exclusive rights to a range of intangible assets which could include designs, symbols, inventions, discoveries or phrases. The intangible assets also include artistic, musical as well as literary works.

In international law, intellectual property rights are generally defined as products of the mind. Intellectual property law therefore protects these products. It also governs moral rights, licensing, publicity rights, misappropriation, as well as geographic indications of product origin (Franklin, 2011).

Another component of international business is Foreign Direct Investment (FDI). This term means net inflows of investment in an economy obtained from an investor or organization from another economy and is normally used to achieve a lasting management interest in an organization or enterprise.

Reference List

Adler, K. A., Ostrow, S. H., Pisacreta, E. D.. & Raysman, R. (2005). Intellectual property licensing: Forms and analysis . New York: Law Journal Press.

Amnesty International. (2011). Document-international Law Commission: The obligation to extradite or presecute (aut dedere aut judicare) . Web.

Brownlie, I. (2008). Principles of public international law, 7 th Ed. New York: Oxford University Press.

Cerone, J. (2002). Status of detainees in international armed conflict, and their protection in the course of criminal proceedings . Web.

Dubay, C. A., (2011). General principles of international law . Washington, D.C.: International Judicial Monitor Academy.

Franklin, F. (2011). International intellectual property law . Web.

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IvyPanda. (2023, December 30). International Business Law. https://ivypanda.com/essays/international-business-law/

"International Business Law." IvyPanda , 30 Dec. 2023, ivypanda.com/essays/international-business-law/.

IvyPanda . (2023) 'International Business Law'. 30 December.

IvyPanda . 2023. "International Business Law." December 30, 2023. https://ivypanda.com/essays/international-business-law/.

1. IvyPanda . "International Business Law." December 30, 2023. https://ivypanda.com/essays/international-business-law/.

Bibliography

IvyPanda . "International Business Law." December 30, 2023. https://ivypanda.com/essays/international-business-law/.

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International Business Law, Its Role and Issues

Business law is a field that encompasses different aspects of commerce 1 . The field focuses on laws that govern how businesses are managed, stated, or transferred from one party to another. Businesspeople should, therefore, be aware of the existing laws to have successful entrepreneurial activities. Business law, therefore, embraces most of the concepts associated with civil law. It also deals with both public and private laws. This law applies to the relations, rights, and involvement of parties engaged in different trade activities. According to Cuniberti, international business law is a field that outlines conventions, rules, and treaties that govern international business or commercial transactions (14).

This means that the targeted business transaction is undertaken by two or more nations. International regulations are requirements dictating the operations of different organisations and nations at the global level. Such regulations are usually put in place to ensure different groups, individuals, and organisations are held accountable for their business engagements. This essay will, therefore, discuss the importance of various international regulations and describe how international business law has realised its aims. The essay will also outline the legal, cultural, and diplomatic problems in international business law.

Business organisations engaged in international trade should follow various regulations and control measures. The United Nations (UN) and other nations impose international regulations and trade control to achieve several goals 2 . For instance, such international regulations are used to promote foreign policies, protect the national securities of specific nations, and improve the performance of domestic economies. Such regulations will affect the exportation and importation processes of different products. International business laws also have the potential to affect human travel, imports, financial transactions, and business investments. It is therefore notable that different players are forced to follow such restrictions whenever doing business in a specific region or country. As well, different licensing requirements are put in place to ensure every international business activity is executed ethically. International business experts believe strongly that the existence of regulations is something critical towards dealing with different global issues.

The case Kiobel v Royal Dutch Petroleum (10-1491) 3 explains why the Alien Tort Claims Act 4 does not apply extraterritorially. Environmental protection (EP) laws have been put in place to deal with issues such as climate change and pollution. Companies engaging in several global business operations are required to promote the best practices that can safeguard the integrity of the natural environment. For instance, the International Environment Protection Act of 1983 5 was implemented to guide and support the environmental issues undertaken by different nations across the globe. It is also agreeable that international business law has managed to achieve some of its aims and objectives 6 .

For example, business entities can engage in sustainable practices thus promoting the integrity of the natural environment. The UN and other international bodies have managed to protect different stakeholders through the use of international business laws 7 . The fact that many companies have initiated new ethical principles is a sign that such laws are significant for international business.

According to experts, international business law has led to several cultural, legal, and diplomatic problems. To begin with, corporations engaged in international businesses encounter numerous legal complexities. Legal disputes occur whenever specific parties fail to honour certain regulations. Some international bodies might outline unethical policies or regulations. Some domestic lobbies might be powerful thus affecting the performance of other players 8 . Several traders might also engage in dishonest declarations and business malpractices. Violation of domestic regulations might also increase. Picciotto argues that “two or more regulations might result in conflicts of interest thus affecting the arbitration process” (p. 139).

New legal challenges might arise due to issues such as specification, value, quality, licensing, state policies, and contractual obligation. This knowledge encourages individuals engaging in international business operations to examine various legal aspects and regulations 9 . Diplomatic problems also arise whenever two or more nations encounter an international trade dispute. Disputes might arise when there is a conflict of policy between two or more countries. Similar disputes might also occur when some trade actions become impractical. The case Gilbert v. Burnstine 10 was decided by a New York court thus becoming the first authority whereby arbitration awards were made in a foreign nation. Sometimes it becomes impossible to apply a set of international business regulations or standards.

Such issues will, therefore, call for diplomatic interventions. International trade brings together many individuals from diverse backgrounds. Although such parties are governed by different international trade policies, it is agreeable that a set of cultural problems are inevitable. For instance, language problems might arise thus making it impossible for different players to achieve their business potentials. Culture collisions and pricing issues also affect the success of different international trade practices. Corruption, religious views, and government’s involvement are some cultural issues that have continued to affect the integrity of international businesses 11 .

In conclusion, international traders should be aware of different regulations and laws to have successful businesses. They should be ready to tackle various cultural, legal, and diplomatic challenges affecting their respective businesses 12 . Such parties should also examine the effectiveness and applicability of different international trade regulations.

Bibliography

Bethlehem, D., The Oxford Handbook of International Trade Law, Oxford, Oxford University Press, 2009.

Cuniberti, G., ‘The Laws of Asian International Business Transactions’, Pacific Rim Law and Policy Journal, vol. 25, no. 1, 2016, pp. 1-24.

Gilbert v Burnstine [1931] 255 NY 348 (Ch) [706]-[794].

Kiobel v Royal Dutch Petroleum [2012] US 102 (Ch) [10]-[1491].

Nayler, P., Business Law in the Global Marketplace: The Effects on International Business, New York, Routledge, 2006.

Park, W., Arbitration of International Business Disputes: Studies in Law and Practice, Oxford, Oxford University Press, 2012.

Picciotto, S., ‘Rights, Responsibilities and Regulation of International Business’, Columbia Journal of Transnational Law, vol. 42 , no. 1, 2003, pp. 131-151.

Steinitz, M., ‘The Case for an International Court of Civil Justice’, Stanford Law Review, vol. 1, no. 1, 2014, pp. 1-16.

Waincymer, J., ‘Legal Issues in Trade and Investment’, International Economics, Finance and Trade, vol. 2, no. 1, 2010, pp. 1-6.

Wenger, J., ‘International Economic Law’, Economic Resource Guide, vol. 1, no. 1, 2015, pp. 1-37.

• See G. Cuniberti, ‘The Laws of Asian International Business Transactions’, Pacific Rim Law and Policy Journal, vol. 25, no. 1, 2016, p. 14.
• See J. Waincymer, ‘Legal Issues in Trade and Investment’, International Economics, Finance and Trade, vol. 2, no. 1, 2010, p. 5.
• [2012] US 102 (Ch) [10]-[1491].
• See also W. Park, Arbitration of International Business Disputes: Studies in Law and Practice, Oxford, Oxford University Press, 2012.
• See J. Waincymer, ‘Legal Issues in Trade and Investment’, International Economics, Finance and Trade, vol. 2, no. 1, 2010, p. 3.
• See also Kiobel v Royal Dutch Petroleum [2012] US 102 (Ch) [10]-[1491].
• See P. Nayler, Business Law in the Global Marketplace: The Effects on International Business, New York, Routledge, 2006, at page 83.
• W. Park, Arbitration of International Business Disputes: Studies in Law and Practice, Oxford, Oxford University Press, 2012.
• See Gilbert v Burnstine [1931] 255 NY 348 (Ch) [706]-[794].
• See also J. Wenger, ‘International Economic Law’, Economic Resource Guide, vol. 1, no. 1, 2015, p. 19.
• See Chapter 5 D. Bethlehem, The Oxford Handbook of International Trade Law, Oxford, Oxford University Press, 2009.

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Spring 2023 • Course

International Business Law

Prerequisites: None

Exam Type: One Day Take-Home

This course aims to provide students with a broad overview of the problems that confront businesses as they go global and how different forms of law work to address such problems. Through a series of examples, the class will explore the legal and policy implications that arise out of cross-border transactions. How do businesses navigate markets that operate very differently than their own home market? We explore how treaties, national laws, and informal norms shape and constrain business decisions. Among the topics to be explored are how businesses deal with issues such as corporate social responsibility, intellectual property protection, corruption, privacy, and enforcement of arbitration awards. The Spring 2023 class will focus, in particular, on transactions with Asia, but will draw on examples from other regions as well.

Note: Students who took Law & the International Economy in their 1L year are not eligible to take this course.

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The impact of esg considerations on private equity and venture capital transactions: the western scenario - milena prisco.

At a global level, environmental, social and governance (ESG) considerations continue to have increasing relevance in M&A transactions. Undoubtedly, ESG factors have become key drivers in private equity (PE) and venture capital (VC) deals because a target’s strong ESG performance can increase its long-term value. On the other hand, a target’s poor ESG performance can create reputational and financial risks for the buyer. Because of this, it is crucial for PE and VC funds to assess ESG factors and the target’s alignment with them.

With its Action Plan on sustainable finance, the European Commission has been a first mover, imposing a series of obligations and standards that have a direct impact on the European capital market, but also indirectly on markets in non-EU countries such as the UK and the US. When PE and VC funds operate in the European market and elsewhere they must now meet strong sustainability standards and expectations to attract capital and raise funds from investors in the Western Hemisphere.

Obviously, in the global PE and VC markets, EU PE and VC funds are more affected than non-EU funds; however, beyond regulatory obligations, the impact of ESG factors and risks on mainly PE transactions can be attested. With regard to VC deals, the impact of ESG risks and factors is currently variable depending mainly on the size of the deal and the sector of the target. Best practice in PE transactions isn’t reflected as frequently in VC transactions with the exception of scale-up rounds where the size of the target and the size of the investments (including A rounds) increasingly require an ESG-oriented approach.

Given the relevance of EU regulation and the scope of its application, this analysis is based on the European perspective; however, it is also applicable to non-European funds, which often market their funds into the EU, for example US and UK funds, and is often used as the reference framework of a market standard that is being created in the PE and VC industry. Considering the wide range of implications of ESG factors in PE and VC transactions, this legal analysis is focused only on non-listed companies. Read this article online      

Gender Balance Quotas – the Key to Gender Equality? - Björn Otto and Ricarda Müller

Gender equality in boardrooms is losing momentum. Some countries have already made efforts to compensate for the underrepresentation of women on boards through legislative action – an approach that is now also being pursued by the European Union with the adoption of the so-called ‘Women on Boards’ Directive (EU) 2022/2381. This article provides an overview of the regulations passed and sheds light on their background. It also compares the different national approaches to improving female representation on boards and their effectiveness, focusing on the goal of promoting long-term change in gender diversity. Read this article online      

Demystifying Protectionist Regimes in the Age of Globalisation: A Brief Comparative Analysis of the Indian and Other FDI Screening Regimes - Rabindra Jhunjhunwala and Moin Ladha

The world is experiencing the effects of increased globalisation at a transcendental speed. One of the key factors behind such globalisation is foreign direct investment (FDI). FDIs often outperform government aids and portfolio investments, as one of the largest sources of non-debt external financing. In addition to the direct benefit of capital inflows that FDIs bring, certain indirect benefits follow suit. Access to diversified international markets, an increase in domestic supply chains, reforms in domestic laws and regulation to keep pace with modernisation are key indirect benefits, which have made FDIs an attractive option for domestic markets.

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The first part of this article aims to understand the general rise of protectionism in the formulation of FDI policies and the impact of the Covid-19 pandemic on the same. The second part involves an analysis of Indian FDI regimes with a protectionist character. Finally, in the third part, the authors compare the Indian FDI regime with other FDI regimes around the world, to identify protectionism in FDI laws. Read this article online      

Looking for Venture Debt? What to Expect - Carolina Miller Rodríguez

Venture debt is an attractive alternative for startups that need to raise funds to expand their growth. Moving away from venture capital and traditional loan lending, venture debt is composed of different terms and standard provisions that allow it to work in the venture ecosystem. So how do these terms work and what are the items that a loan agreement will include as standards of the industry?

This article will first consider structural terms, without which a venture debt agreement would not exist. These are the parties involved (lender and borrower), the amount lent (which varies depending on the lender), the term of the loan (usually 36 to 48 months) and the interest rate (which is both a structural term and a pricing term). Secondly, the article looks at pricing terms, which include all elements of payment from the company to the venture lender. These include interest rates, additional fees such as commitment fees, prepayment fees and other kinds of fees, collateral (mainly intellectual property and/or an all-asset lien) and warrants (an equity interest on the company).

Finally, the article looks at legal terms, which include additional obligations and provisions to avoid or engage the borrower in actions that benefit the loan. These include standard provisions such as closing conditions, representations and warranties, and covenants (either positive, negative and, less commonly, financial covenants), as well as other provisions, such as the material adverse change (MAC) clause, the investor abandonment clause and the event of default provision. These terms are particularly a matter of negotiation in a venture debt deal, and in any case each agreement will find a balance for the lender and borrower for venture debt to work in the specific context. Read this article online      

Data Protection and Privacy Class Action Lawsuits in the UK: the Damages Conundrum - Melissa Stock

The majority of class action lawsuits in privacy and data protection in the United Kingdom have not succeeded. This may appear surprising, given the breadth of data rights found in the UK GDPR, the Data Protection Act 2018 and the development of the tort of misuse of private information. This article reviews the cases to date, including the most recent attempt in Prismall v Google UK Limited [2023] EWHC 1169 (KB), and examines why class action lawsuits – generally referred to as ‘group litigation’ in England – have failed to provide results for individuals whose data and information have been misused or inadequately protected. Read this article online      

Case Comment: Quincecare Revisited – The Supreme Court Decision in Philipp v Barclays Bank UK PLC - Victoria Judd

In the recent case of Philipp v Barclays Bank UK PLC [2023] UKSC 25 in England, the Supreme Court confirmed that the Quincecare duty of care does not extend to circumstances where a customer gives explicit instructions to a bank to make a payment. This article considers the Philipp v Barclays Bank UK PLC case in more detail, revisiting the Quincecare duty of care owed by banks and the position at law going forward, including as a result of changes to laws and guidelines that have arisen in light of the facts in this case to address advance push payment fraud. It looks at key considerations for business customers and banks to ensure that they take proactive measures to align themselves with the evolving legal landscape. Read this article online      

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Assessing the UK’s Economic Crime and Corporate Transparency Act

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Joining Melissa are:

• Tim Harris, Podcast Officer for the IBA Anti-Corruption Committee and counsel at Cohen & Gresser in London, whose practice focuses on white collar criminal defence, including internal and regulatory investigations, regulatory enforcement, and financial crime compliance;
• Alex Swan, Website Officer on the IBA Business Crime Committee and of counsel in the London White Collar Defence & Investigations practice at Greenberg Traurig; and
• Shaul Brazil, Conference Coordinator on the IBA Criminal Law Committee and a partner at BCL in London, specialising in business crime and regulatory enforcement.

(Editor’s notes: This podcast was recorded in mid-December 2023. The podcast makes reference to the case brought by the SFO against former Barclays executives in 2019. All of those charged in the case pleaded not guilty.)

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13.1 Introduction to International Law

In 1945, President Harry Truman stated, “When Kansas and Colorado have a quarrel over the water in the Arkansas River they don’t call out the National Guard in each state and go to war over it. They bring a suit in the Supreme Court of the United States and abide by the decision. There isn’t a reason in the world why we cannot do that internationally” (Cheeseman, 2016, p. 903). Customs, which vary among global communities and international organizations, are a primary reason why the world cannot pursue such an answer to trade and commerce dealings. The priorities and aims for Chinese businesses differ from those of Brazil. Each of those two countries have radically different business perspectives from the United States. For this reason, international law utilizes customs, treaties, and organizations to guide relationships among nations, with the goal of allowing each country as much leverage as possible over its own business dealings.

International Law

International law relates to the policies and procedures that govern relationships among nations (Clarkson, Miller, & Cross, 2018). These are crucial for businesses for multiple reasons. First, there is not a single authoritative legislative source for global business affairs, nor a single world court responsible for interpreting international law (Cheeseman, 2016, p. 903). There is also not a global executive branch that enforces international law, which leaves global business affairs particularly vulnerable.

Secondly, if a nation violates an international law and persuasive tactics fail, then the countries that were violated, or international organizations tasked with overseeing global trade, may act. Often these actions use force to correct the offenses and may include economic sanctions, severance of diplomatic relations, boycotts, or even war against the offending nation (Clarkson, Miller, & Cross, 2018, p. 439).

The purpose of international laws is to permit countries as much authority as possible over their own international business affairs, while maximizing economic benefits of trade and working relationships with other nations. Since many countries have historically allowed governance by international agreements when conducting global business, there exists an evolving body of international laws that facilitate global trade and commerce.

U.S. Constitutional Clauses

There are two important clauses in the U.S. Constitution related to international law. First, the Foreign Commerce Clause enables Congress to “regulate commerce with foreign nations” (Cheeseman, 2016, p. 904). This clause permits U.S. businesses to actively negotiate and implement taxes or other regulations as they relate to international commerce. However, businesses cannot unduly burden foreign commerce. For example, General Motors, which is based in Michigan, cannot suggest that the state impose a 50 percent tax on foreign-made automobiles sold in the state, while not imposing the same tax on U.S.-made vehicles. Michigan can, however, impose a 10 percent tax on all automobile sales in the state to offset the costs of foreign trade and commerce.

The second important clause related to international law is the Treaty Clause , which states that the president has the power “by and with the advice and consent of the senate” to create treaties with other nations (Clarkson, Miller, & Cross, 2018, p. 440). This clause restricts treaties to federal authority, meaning that states do not have the power to enter a treaty with another nation. For example, the United States and Mexico can sign a treaty to reduce trade barriers between both nations, but the state of Texas cannot sign a treaty with Mexico to reduce trade barriers between Texas businesses and Mexico. Additionally, any treaties established with other countries become U.S. law, and any conflicting law is null and void.

Primary Sources of International Law

International customs, treaties, and organizations are the primary sources of international law (Clarkson, Miller, & Cross, 2018, p. 439).

These three components work together to guide how nations understand, define, and interpret international laws that govern global business affairs.

International Customs

Customs are general practices between nations that guide their business relationships. According to the Statute of the International Court of Justice, international customs are “accepted as law” (Clarkson, Miller, & Cross, 2018, p. 439). While customary international law (CIL) is not written, nor does it require ratification to become binding, CIL nonetheless provides guidelines for how nations conduct business affairs (Bradley & Gulati, 2010, p. 204). One example of a custom is the international protection of ambassadors. For thousands of years, ambassadors have been protected while serving diplomatic missions. For this reason, countries protect foreign ambassadors with the understanding that any harm caused to ambassadors would be a violation of international law.

International Treaties

Treaties and other agreements between nations are authorized and ratified by the countries that acknowledge their legality. There are two different types of agreements: bilateral, which is formed by two nations; and multilateral, which is formed by several nations. The Peru-United States Trade Promotion Agreement is an example of a bilateral agreement. It was signed in 2006, ratified by Peru the same year, and ratified by the United States in 2007. This bilateral agreement is considered beneficial to the United States because it improves access to Peruvian goods, while promoting security and democracy in the South American country. The North American Free Trade Agreement, or NAFTA, is an example of a multilateral agreement. It was ratified in 1994, when Mexico joined the previous trade agreement between the United States and Canada. In September 2018, the Trump administration successfully completed re-negotiations with Mexico and Canada that lasted over one year. Among other aims, these negotiations worked to increase auto industry wages for workers in Mexico and modify pharmaceutical regulations with Canada.

International Organizations

International organizations are comprised of officials who represent member nations that have established a treaty to oversee shared interests, including trade and commerce. The U.S. participates in more than 120 bilateral and multilateral organizations around the world. International organizations adopt resolutions that standardize behavior and create uniform rules related to trade and commerce. Two of the most significant international organizations established in the twentieth century that significantly impact U.S. trade and commerce are the United Nations and the European Union.

United Nations

The United Nations (UN) was created as a multilateral treaty in 1945. The UN’s organizational goals include maintaining global peace and security, promoting economic and social cooperation, and protecting human rights, especially related to women and children (Cheeseman, 2016, p. 905). The UN General Assembly includes representatives from each member nation. As of 2018, the UN acknowledges 195 sovereign states, with all but two participating as full members. These two, Palestine and the Vatican City, are classified as “observer states.” Six additional countries are not UN members, but are recognized as a country by at least one UN member country: Abkhazia, Kosovo, Northern Cypress, South Ossetia, Taiwan, and Western Sahara.

The UN Security Council includes five permanent members and 10 countries selected by the General Assembly to serve two-year terms. The five countries that hold permanent membership are China, France, Russia, the United Kingdom, and the United States (Cheeseman, 2016, p. 558). This Council is primarily responsible for overseeing global peace and security measures. The World Bank is a UN organization, financed by contributions from developed countries and headquartered in Washington, D.C. Its primary functions include providing money to developing countries to fund projects that relieve suffering, including building roads and dams, establishing hospitals, developing agriculture, and other humanitarian efforts. The World Bank provides both grants and long-term low interest rate loans to countries, often granting debt relief for outstanding loans (Cheeseman, 2016, p. 559).

The United Nations Commission International Trade Law is one of the most important international organizations to date, establishing the 1980 Convention on Contracts for the International Sale of Goods (CISG), which will be discussed further in the next section.

European Union

The European Union (EU) is a regional international organization that includes many countries in Europe. It was established to create peace across the region and promote economic, social, and cultural development (Cheeseman, 2016, p. 561). As of 2018, there are 28 countries affiliated with the EU, although the United Kingdom has begun steps to withdraw its membership. Additionally, Macedonia is actively seeking a path toward EU membership, although as of September 2018, the country’s citizens remain divided. The EU organization has established a treaty for its members that creates open borders for trade among member nations, especially for capital, labor, goods, and services. The impact on U.S. commerce is significant, as the EU represents more than 500 million people and a gross community product that exceeds that of the United States, Canada, and Mexico combined (Cheeseman, 2016, p. 561).

Sovereignty

National sovereignty defines a nation. While clearly defined borders and independent governments also set parameters for a nation, sovereignty is an important legal principle that allows nations to enter negotiated treaties with other countries and honor territorial boundaries. It is among the most important international law principles, thus greatly impacting international trade and commerce.

Since the 1800s, most established nations allowed for absolute sovereignty among the global community. However, by the 1940s, that allowance was significantly reduced, as countries revisited sovereignty in light of globalization, transportation, and communication advances, and the rise of international organizations (Goldsmith, 2000, p. 959). Consequentially, doctrines of limited immunity were created that established guidelines for how countries may prosecute, or hold foreign nationals accountable, during international trade and commerce dealings.

A doctrine of sovereign immunity states that countries are granted immunity from lawsuits in courts of other countries (p. 569). Although the United States initially granted absolute immunity to foreign governments from lawsuits in U.S. courts, in 1952, the United States adapted federal law to qualified immunity, which is the immunity regulation adopted in most Western nations. This law led to the Foreign Sovereign Immunities Act of 1976 , allowing U.S. governance over lawsuits against other nations in the United States in either federal- or state-level courts. Simply stated, a foreign country is not immune to lawsuits in the United States when the country has waived its immunity, or if the commercial activity against which the lawsuit is intended causes a direct effect in the United States.

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• Authors: Mirande Valbrune, Renee De Assis
• Publisher/website: OpenStax
• Book title: Business Law I Essentials
• Publication date: Sep 27, 2019
• Location: Houston, Texas
• Book URL: https://openstax.org/books/business-law-i-essentials/pages/1-introduction
• Section URL: https://openstax.org/books/business-law-i-essentials/pages/13-1-introduction-to-international-law

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International Business Law Essay

2014, Part I: Case Study. Part II: The major legal functions of the bill of lading.

The bill of lading is a document issued by an ocean carrier to shipper with whom the former has entered into a contract for the carriage of goods. The bill of lading is a product of customary merchant law (the so called Lex Mercatoria) and even though there are some traces of early documents resembling the bill of lading to be found back in Roman times (15 AD), its modern form was established back in the medieval by European traders. The bill of lading has a profound importance in facilitating international trade and particularly – international carriage of goods by sea. The today’s modern bill of lading, initially being a subject of the customary merchant law , is codified and regulated internationally – by the Hague rules , later amended by the Brussels Protocol of 1968 to become known as Hague-Visby Rules, both incorporated in the UK respectively in the 1924 and 1971Carriage of Goods by Sea Acts. Additionally, the Hamburg rules , together with the Draft Convention on Contracts for the International Carriage of Goods Wholly or Partly by Sea form the most current body of international rules regulating the bill of lading.

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