LA7018 Assignment Question Answers on International Law and Business
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Task/Question
- Examine the sources of international business law article 38 of ICJ
- Treaties
- Customary international law
- Principles of international law
- Jus cogens
- Judicial Decisions
- Teachings/Writings of the most respected publicist
- Give a discussion of why it is important for regulation of international business transactions
- Because the Business transactions exceeds the national boundaries and its needed to regulate the transaction outside the countries borders in case of a future dispute between the parties of the transaction.
- So the regulation must exist in order to bind the parties with the written agreement between them and to respect the clauses of the agreement in case of any violation by any of the parties.
- Identify relevant international law treaties that have shaped international business.
- ESCS treaty 1951 to 2002, The aim of the treaty, as stated in its Article 2, was to contribute, through the common market for coal and steel, to economic expansion, employment and better living standards. Thus, the institutions had to ensure an orderly supply of coal and steel to the common market by ensuring equal access to the sources of production, the establishment of the lowest prices and improved working conditions. All of this had to be accompanied by the growth in international trade and the moderation of production.
- In creating a common market, the treaty introduced the free movement of products without customs duties or taxes. It prohibited discriminatory measures or practices, subsidies, state aidsor special charges imposed by states and restrictive practices.
- What are the benefits of nations subscribing to international institutions relevant to international business?
- Since business may be transnational international law comes to aid in regulation of persons, group of persons or states.
- State parties are required to observe in good faith all commitments they make in international business law.
- Review the impact of soft laws and the implication of multinational corporations disregarding their recommendations
- Unfortunately the soft laws is not binding to its parties as it doesn’t exceeds its limits as moral codes.
- Look after the interest of the host community (besides the legalizing to socializing)
- Foreign corrupts act 1967 ( american)
- Bribery act ( UK)
- Discuss how international business law may be invoked to address matters of trade occasioned by the global pandemic (COVID 19)
- From my point of view that international business law maybe invoked to address the matters related to the trade occasioned by the pandemic for example the producing countries of the COVID vaccination and they didn’t sell it equally to the nations and also didn’t distributed properly among the nations due to its mutual interests as one of the international law principles that “State parties are required to observe in good faith all commitments they make in international business law”.
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