[Student's Name]

[Instructor's Name]

[Course Title]

8 April 2012

International Law in a Global Economy

Introduction

The influence of international laws in the global economy is quite obvious, particularly on the side of the trade. International law referred to the rules and customs for maintaining relationship trade between countries of the world. In recent times, globalization and increase in trade activities exceed the national boundaries. Hence, there is an essential need for organizations to facilitate manages, control, and regulate the global marketplace, as well as to support the establishment of global treaties to govern global economies.

Over the past century, many international law institutions have been emerged such as GATT (General Agreement on Tariffs and Trade), WTO (World Trade Organization), UN (United Nations), the World bank, and IMF (International Monetary Fund). These organizations were emerged by own accord between individual nation states and their aim is to protect in international agreements.

The World Trade Organization is to facilitate trade among countries and provide a framework of administration, forum for negotiation, promote coherence among economic policies among member countries and trade policy review mechanism. WTO formulate rules and regulations to facilitate trade and prohibit activities like anti dumping, or regulate customs laws, government subsidiaries, intellectual property protection, and set technical standards for agricultural and industrial products.

Another important body is the European Commission is the decision-making organization of the European Union. The core functions include proposing legislation, decision implementation, maintaining treaties of the Union, daily activities of Union and formulate rules and regulations such as competitive policy. European Union Commission represents EU in negotiations of trade and operates with 27 members as a cabinet government. United States International Trade Commission operates as an independent body by the trade act of 1974. The main functions of this body are to explore and examine foreign trade and tariffs.



Discussion

All above organizations came into existence to facilitate trade among countries. For instance, during late 2001, the WTO introduced a new phenomena intended at global trade liberalization, at Doha. The purpose of this meeting was to cut tariffs over industrial goods, provide subsidiaries over agricultural goods, and reduce trade barriers among countries. In my opinion, the trade liberalization resulted in the trade growth, foreign direct investment, and the involvement of imports threatens the domestic markets from foreign competitors. Because, of the decline in trade barriers and open way of free-trade, demands protection against foreign competition.

The key issues associated with free trade and trade liberalization are retaliation and trade war, and domestic politics. To control and take corrective measures against these activities WTO, EUC and USITC came into existence. On the other hand, the international law of free trade and trade liberalization results in dumping actions, antitrust laws and bribery statutes. The injury attribution framework can be used to make sure that injury because of related factors of non-import is not featured to imports (Kenneth, 1988:187-207).

In 2002, Canada asks for negotiations with the United States to investigate the matter of USITC in Software Lumber from Canada, and resulted in countervailing duties ...