Introduction to International Trade and International Trade Law

Overview

• First lesson in a series on International Trade and International Trade Law.
• Focuses on the World Trade Organization (WTO).
• Relationship between international trade and other trade laws, including elements from European Union law.

Understanding International Trade Law

• International trade law is primarily associated with WTO law.
• WTO is central to discussions around international trade.
• Other elements of international trade law exist but WTO law dominates.
• International trade law is embedded in the broader framework of public international law.

Public vs. Private International Law

• Public International Law: Concerns the relationships between states.
• Private International Law: Focuses on jurisdictional elements and laws of domestic systems (conflict of laws).

International Economic Law

• International trade and economic law are part of public international law.
• International economic law regulates interstate economic activity.
• It encompasses public international law and potentially elements of international commercial law.

Importance of Regulation in International Trade

• International trade constitutes a significant proportion of the global economy.
• There is increased globalization and integration of markets and economies.
• Theoretical foundation includes concepts of absolute and comparative advantage (Adam Smith, David Ricardo).

Series Scope

• Focus primarily on WTO regulation of international trade.
• Key topics covered will include:
  1. Theory of World Trade: Introduction to absolute and comparative advantage.
  2. History of International Trade: From the 1947 General Agreement on Tariffs and Trade to the 1995 WTO establishment.
  3. Institutional Framework of the WTO:
     • Structure and organization of the WTO.
     • Dispute settlement procedures (discussed before substantive law).
  4. Non-discrimination in WTO Law:
     • Most Favoured Nation (MFN) treatment.
     • National treatment standard.
  5. Market Access: Regulations and principles regarding market access.
  6. Exceptions to WTO Principles:
     • General exceptions and regional trading arrangements.
     • Enabling clause and emergency exceptions.
  7. Unfair Trading Practices:
     • Regulation of subsidies and dumping.
     • Implementation of anti-subsidization and anti-dumping policies.