“beyond Borders: International Trade Law And Lawyers’ Benefits”
- How Barriers To Cross Border Data Flows Are Spreading Globally, What They Cost, And How To Address Them
- Intro And Article Xi, Gatt
- New Research Reveals ‘open’ Cross Border Data Transfer Policies Drive Economic Growth
- Task Force Publishes Report On How Govt, Institutions And Firms In S’pore Can Defend Against Ransomware
“beyond Borders: International Trade Law And Lawyers’ Benefits” – Lawyers with experience in international trade and investment law continue to develop the global economy, ensuring the free movement of goods and services across as many borders as possible, complying with laws and regulations
The world’s smallest economy, Tuvalu has a gross domestic product (GDP) of US$42 million; the world’s largest economy, the United States of America, has a GDP of US$20 trillion (as of 2019), approximately 476,190 times the GDP of Tuvalu. If this comparison is difficult to imagine, imagine how difficult it would be to trade and invest between countries with vast differences in currency, government policies, markets, judicial systems and laws.
“beyond Borders: International Trade Law And Lawyers’ Benefits”
How then can the global economy function normally? There are specific rules and regulations that govern trade and investment between different countries. These sets of legal guidelines belong to the field of International Trade and Investment Law (ITIL).
How Barriers To Cross Border Data Flows Are Spreading Globally, What They Cost, And How To Address Them
ITIL is based on the theories of economic liberalism developing in Europe and then in the United States from the 18
The current system of rules governing transnational transactions derives from medieval commercial laws called the Lex Mercatoria and Lex Maritima, the law for merchants by land and the law for merchants by sea, respectively. It was not until 1944 that the modern era of free trade as we know it today began. It was a dark phase of human civilization, with the scars of the First World War still lingering in the minds of those who witnessed it, the effects of the Great Depression still lingering, and the chaos caused by the then ongoing world war. II.
All the world wanted was peace. Scientists realized that there is only one way to world peace. This was due to economic interdependence where nation states would depend on each other for their supply chains. This would reduce the likelihood of conflict between states.
Thus, delegates from 44 allied nations gathered in New Hampshire, United States, and signed the Bretton Woods Agreement while World War II was still raging. This introduced a new international monetary system, replacing the gold standard with the US dollar as the world currency.
Intro And Article Xi, Gatt
In 1947, modern trade laws beyond bilateral treaties began with the negotiations for the General Agreement on Tariffs and Trade (GAAT), a multilateral legal agreement between several countries whose overall goal was to facilitate international trade by reducing or eliminating trade barriers. such as tariffs or quotas.
However, GAAT was meant to be a temporary solution to trade problems and was soon replaced by the World Trade Organization (WTO) in 1995 to create a level playing field for all countries in trade. The creation of the WTO is considered the most significant event in ITIL.
Since its inception, the WTO has witnessed extraordinary and massive trade agreements such as the North American Free Trade Agreement (NAFTA), the Dominican Republic and Central American Free Trade Agreement (CAFTA-DR) and thousands of investment agreements.
As more and more countries become members of the WTO, the field of ITIL law is on the radar of the most sought-after specializations. Lawyers with experience in ITIL continue to develop the global economy by ensuring the free movement of goods and services across as many borders as possible while complying with laws and regulations. They facilitate dispute resolution when a party violates an agreement or commitment it has made in an international trade or investment agreement. The WTO, having one of the most active international dispute settlement mechanisms in the world, has so far resolved hundreds of such disputes.
Activists Beyond Borders
Apart from lucrative work in international organizations, lawyers with ITIL specialization can build strong careers under the guidance of the respective government in the Ministry of Commerce and Industry, institutions such as the Center for Trade and Investment Law (CTIL), the Indian Institute of Foreign Trade (IIFT) and private multinational firms.
UPES Law School is a place where students are prepared for a successful career thanks to exceptional pedagogy, carefully designed curriculum and unique learning methods created according to global trends.
UPES is the first Indian university to collaborate with a UK Law University. It offers BBA Bachelor of Laws. (Hons.) with a specialization in international trade and investment law.
The University constantly cooperates with legal experts to keep abreast of comprehensive knowledge and legal practice. UPES’ state-of-the-art infrastructure and proprietary experiential learning process create an academically stimulating environment and collaborative learning ecosystem that enhances understanding of law institutions and helps students become top-notch lawyers.
New Research Reveals ‘open’ Cross Border Data Transfer Policies Drive Economic Growth
The writer is a former journalist whose work history includes stints in prominent media outlets such as India Today, Bureaucracy Today and The Times of Africa. In her current role, she writes extensively on education, life skills and emerging industry trends. More and more countries are making the transfer of data abroad more expensive and time-consuming, if not illegal. This reduces economic growth and undermines social value.
Data is the lifeblood of today’s global economy. Digital trade and cross-border data flows are expected to grow faster than the overall pace of global trade. Businesses use data to create value, and many can only maximize that value when data can flow freely across borders, but more and more countries are putting up barriers that make transferring data abroad more expensive and time-consuming, if not illegal. Some countries base their decisions to install such barriers on the false premise that it will mitigate privacy and cybersecurity concerns; others do it for purely mercantilist reasons. However, whatever the motivation, as this report demonstrates, the costs of these policies are significant, not only for the global economy, but also for countries that shoot themselves in the foot by using these policies.
The increasing digitization of organizations, driven by the rapid adoption of technologies such as cloud computing and data analytics, has increased the importance of data as an input to commerce, affecting not only information industries but traditional industries as well. The use of data analytics in virtually every industry has streamlined business practices and increased efficiency, but it has also made the movement of data more important. Organizations increasingly rely on data for many purposes, including monitoring production systems, managing a global workforce, monitoring supply chains, and supporting products in the field in real-time. Companies collect and analyze personal data to better understand customer preferences and willingness to pay, and to tailor their products and services accordingly. It is a simple fact that international commerce involving consumers cannot occur without the collection and transmission of personal data across borders, such as names, addresses, payment information, etc.
Despite the significant benefits for companies, consumers and national economies that arise from the ability for organizations to easily share data across borders, dozens of countries at every stage of development have established barriers to cross-border data flows, such as data-residency requirements that restrict data within a country , a concept known as “data localization”. Data localization may be expressly required by law or is the de facto result of the culmination of other restrictive policies that prevent data transfers, such as requirements for companies to store copies of data locally, requirements for companies to process data locally, and mandatory individual or government consent to transfers data This policy represents a new obstacle to global digital commerce. Cutting off data flows or making such flows more complicated or expensive puts foreign firms at a disadvantage. This is especially true for small and online-only firms and platforms that do not have the resources to deal with onerous restrictions in every country in which they may have customers. In essence, this tactic is “data protectionism” because it prevents foreign competitors from entering domestic markets.
Task Force Publishes Report On How Govt, Institutions And Firms In S’pore Can Defend Against Ransomware
This report first analyzes the privacy and security “justifications” that countries offer for creating barriers to data flows, and concludes that while such policies may be well-intentioned, these justifications are generally invalid. (An upcoming report from the Information Technology and Innovation Foundation will focus on the third motivation—ensuring surveillance and public access for law enforcement—and will explain how governments need to develop a revised framework that helps them determine jurisdiction over data and promotes cooperation between governments.) Then in the report examines the economic justifications that countries provide to justify their data localization policies, explaining the flaws in those arguments and noting that such policies impose heavy costs on countries’ own economies. The report then examines a new body of research that assesses the cost of barriers to data flows in terms of lost trade and investment opportunities, increased information technology (IT) costs, reduced competitiveness, and reduced economic productivity and GDP growth. These studies show that data localization and other barriers to data flows result in significant costs: a 0.1 to 0.36 percent reduction in US GDP; causing prices for some cloud services in Brazil and the European Union to rise from 10.5 to 54 percent; and a 0.7-1.7 percent reduction in GDP in Brazil, China, the European Union, India, Indonesia, Korea, and Vietnam, which have either proposed or implemented data localization policies.
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