International Trade Law: Definition, Treaties, and Principles

Questions and Answers

What is the definition of International Trade Law?

The body of rules and regulations governing the relationships of nation states for regulating their domestic markets in relation to international trade.

What is the primary form of trade regulation a state uses to handle imports and exports?

Customs duties

What does the term 'embargo' refer to in the context of international trade?

An official ban on trade or other commercial activity with a particular country.

What does a tariff specifically refer to in the context of international trade?

A tax imposed on certain categories of imported goods or goods from specific countries. Signup and view all the answers

What is the main objective of international trade law?

To regulate global exchange of goods and services. Signup and view all the answers

How is international trade affected by sovereign governments?

Through the exercise of sovereign powers within their borders. Signup and view all the answers

What is the main purpose of imposing tariffs?

To make imported goods less competitive Signup and view all the answers

What is the potential consequence of each state regulating its trade without international trade law?

Closing of markets leading to stymied economic growth Signup and view all the answers

What was the significance of the trade agreement between Rome and Carthage in 507 B.C?

It established the principle of non-discrimination in trade Signup and view all the answers

What was the outcome of the negotiations held within the framework of the Uruguay Round?

Foundation of the World Trade Organization Signup and view all the answers

Why was the establishment of an International Trade Organization finally failed in 1950?

Inability to overcome serious deficits Signup and view all the answers

What was the effect of World War I on most states with respect to economic policy?

Adoption of protectionist economic policies Signup and view all the answers

How did the World Trade Organization (WTO) contribute to GATT's legal order?

It stopped the fragmentation of GATT's legal order Signup and view all the answers

How did World War II influence the international community?

It highlighted the need for institutionalization and reorientation Signup and view all the answers

What is the purpose of internal taxes imposed by a state legislature?

To make imported goods more competitive with local products Signup and view all the answers

What are the main objectives of International Trade Law?

Expand export opportunities across national borders Signup and view all the answers

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International Trade Law: Definition, Treaties, and Principles - Lecture 5

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