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    Home > What is the basic concept of international commercial law?

    What is the basic concept of international commercial law?

    • Last Update: 2020-04-03
    • Source: Internet
    • Author: User
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    As the name suggests, international business law is a legal practice that benefits the global business community It covers economy and law, international business transactions, licensing, tariffs and taxes, and many other topics It should be noted that international commercial law varies by jurisdiction It is based on the basic concept of commercial law and extends it to the international field Research in economics and law provides an analytical framework for lawyers to consider the economic aspects of law and specific policies related to international commercial law International commercial law is almost always related to trade or commerce One important aspect of this practice is to consider the economic impact of a particular transaction or policy on the transaction Today, public international law issues affect commerce and trade in various ways The laws of different jurisdictions play a role in every transaction Before deciding which jurisdiction is most appropriate for a particular transaction, a specific legal analysis of each jurisdiction must be completed Trade agreements have a great influence on international commercial law Two or more nations may be united for a specific trade agreement to identify certain aspects of Commerce or trade For example, the recently re concluded North American Free Trade Agreement (formerly known as "NAFTA", now renamed "usmca") is an example of a trade agreement It is a tripartite agreement between the United States, Mexico and Canada aimed at reducing trade and investment barriers among the three countries In fact, many different countries have agreements of this type, and they must be regarded as a new business transaction Licensing of different property rights is an important issue in the field of international commercial law Companies in a country can develop specific intellectual property rights Subsequently, the company may manufacture the product in another country or grant other companies the right to license the product in a different country Since each transaction is negotiated, the authorization and maintenance of each different company is the main focus of business transactions The laws of each jurisdiction affect the way transactions are negotiated Tariffs, taxes and other mechanisms governing trade vary by jurisdiction A country usually has some basic terms which can be modified through trade agreements between different countries These issues must be considered as a negotiation for each transaction.
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