Foreign trade law refers to the set of rules and regulations that govern the exchange of goods and services between different countries. It encompasses various aspects of international trade, including import and export regulations, tariffs, customs procedures, trade agreements, and dispute resolution mechanisms.
Foreign trade law plays a pivotal role in shaping the global economy by providing a framework for regulating international trade activities.
They’re meant to boost the economy, safeguard local businesses, and keep trade between countries in balance.
These laws ensure trading is fair, clear, and follows the rules. With foreign trade law in place, countries can establish rules and procedures that govern imports, exports, tariffs, and customs processes, thereby facilitating smoother trade transactions.
Foreign trade law serves as the cornerstone of international trade governance, providing the legal framework necessary for regulating, facilitating, and balancing trade activities between countries.
