INTERNATIONAL LEGAL ENVIRONMENT

Origins of International Law Commercial codes date back to Eg !t in "#$$ %&C& Earl trade centered aro'nd law of t(e sea Greek) Roman Em!ires bot( (ad codes of international trade Middle Ages: Lex Mercatoria (Merc(ant Law* Go+erned trading c'stoms in E'ro!e Toda ,s codes still !artiall deri+ed from earl efforts

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Sources of International Law Indi+id'al co'ntries create t(eir own laws Trade agreements between co'ntries -orldwide)regional organi.ations/ i&e& 1nited Nations E'ro!ean 1nion 2E1* No 'ni+ersal international co'rt s stem for resol+ing international conflicts of b'sinesses 3iffic'lt to enforce decisions and contracts 4ee E5(ibit 66&"7 4elected Organi.ations Affecting t(e International Legal En+ironment

International Trade Agreements Im!ro+e economic relations of co'ntries Co+er +ariet of commercial iss'es Ta5 agreements !re+ent do'ble ta5ation E5am!les7 0 Nort( American 8ree Trade Agreement 2NA8TA/ "996* Canada)14)Me5ico 0 General Agreement on Tariffs : Trade 2GATT* re!laced in "99; b -orld Trade Organi.ation 2-TO* International Dispute Resolution 0 0 0 0 0 0 0 0 0 0 0 0 Litigation 3iffers wit(in co'ntries Com!lication of e+idence/ witnesses and doc'ments <'dicial s stem ma be different from co'ntr to co'ntr 4ome co'rts more infl'enced b !olitical !ress'res Not enforceable o'tside of co'ntr Treaties)Con+entions ma assist !otential !arties Contract cla'ses assist co'rts in enforcement of claims 1s'all need =minim'm contacts> for ?'risdiction International Co'rt of <'stice 2IC<* Onl nations (a+e standing@@not indi+id'als Nations ma make claims on be(alf of !ersons No mandator com!liance reA'irement 1N 4ec'rit Co'ncil m'st enforce Arbitration7 Brd ne'tral !art decides o'tcome/ w(ic( is binding Mediation7 Brd ne'tral !art =s'ggests> o'tcome/ w(ic( is not binding