Introduction To International Business Law
INTRODUCTION TO INTERNATIONALBUSINESS LAW
CONTENTSPart 1: Legal Environment of International Business Forms of International BusinessTrade Government Controls over Trade International Licensing Agreements Foreign Direct Investment (FDI) Managing risks of International BusinessDistance and CommunicationLanguage and Cultural Differences Other risks? Part 2: International Law and Organizations The Law of Treaties Global treaties vs. Regional treatiesGATT & WTOHistory Development Core principles Vietnam and WTO in brief
LEGAL ENVIRONMENT OF INTERNATIONALBUSINESS What is International Business? Why do people conduct International Business? Why do we need International Business Law?
LEGAL ENVIRONMENT OF INTERNATIONALBUSINESSForms of International Business:1.Trade (Export/Import)2.International Licensing of technology andintellectual property (Trademarks, patents,copyrights)3.Foreign Direct Investment (FDI)
LEGAL ENVIRONMENT OF INTERNATIONALBUSINESS Trade: import and export of goods and services Exporting: process of sending goods out of a country Importing: when goods are brought into a country Why do countries trade? What is Absolute Advantage?What is Comparative Advantage?Trade in services?
LEGAL ENVIRONMENT OF INTERNATIONALBUSINESSGovernment Controls over Trade: Reasons for regulating Trade:Implementation of foreign policy Implementation of national economic policies Protection of national resources or the environment Tariffs or Non-tariff barriers?Tariffs: import duties/taxes imposed on goods enteringthe customs territory of a nationThe use of tariffs
LEGAL ENVIRONMENT OF INTERNATIONALBUSINESS Non-tariff barriers: all barriers to importing orexporting other than tariffsDirect: embargoes, quotas Indirect: laws, administrative regulation Why Non-tariff barriers? Export Controls? Problems with trade barriers in internationalbusiness context?
LEGAL ENVIRONMENTOF INTERNATIONALBUSINESSIntellectual Property Rights: Trademarks: names/symbols that identifies a firm or its productPatents: exclusive legal right to produce and sell inventions fora period of yearsCopyrights: legal rights to artistic worksInternational Licensing agreements: Technology Transfer: exchange of technology andmanufacturing know-how between firms in different countriesInternational Franchising: legal right to use a name/trademarkin offering goods or services to the public in exchange for aroyalty on percentage of sales or a fee structure
LEGAL ENVIRONMENT OF INTERNATIONALBUSINESSForeign Direct Investment: What is FDI?Home country: country under whose laws theinvesting corporation was created or is headquarteredHost countries: countries where the investingcorporation operateWhy FDI? Advantages and Disadvantages?
LEGAL ENVIRONMENT OF INTERNATIONALBUSINESSManaging the Risks of International Business: Distance and Communication Cultural and Language Differences Currency and Exchange Rate Payment Risks Delivery Risks Marine Risks Political Risks Ethical Issues in International Business
INTERNATIONAL LAW ANDORGANIZATIONSThe Law of Treaties: Treaty: a binding agreement or contract betweentwo or more nations or international organizationsIs recognized and given effect under InternationalLaw Bilateral and Multilateral treaties? The needs of treaties?
INTERNATIONAL LAW ANDORGANIZATIONS Convention: treaty on matters of common concernIs usually negotiated on a regional or global basis andopen to adoption by many nationsOr negotiated under the administration of the UnitedNations Examples of a regional treaty? Example of a global Convention?
GENERAL AGREEMENT ON TARIFFSAND TRADE (GATT) The needs of GATT? Purpose:1.2.3.Reducing tariff and nontariff barriersOpening marketsSetting rules for promoting fairer trade First signed in 1947 with 23 “member nations” “New” GATT in 1994 with 125 “contracting parties”
GENERAL AGREEMENT ON TARIFFSAND TRADE (GATT 1947) GATT legal framework:1.2. Provide an organized global legal structureImprove the economic, political, and legal climate fortrade, investment, and developmentPrimary goals: creating free trade by removingartificial barriers and restrictions imposed by selfserving national GovernmentsThe system of GATT produces:1.2.3.An international legal system with rulesA mechanism for interpreting those rulesProcedures for resolving disputes under them
GENERAL AGREEMENT ON TARIFFSAND TRADE (GATT 1947) Scope and Coverage: GATT 1947 applied only to trade in goods Was GATT 1947 an “ideal” modern trading system? What’s missing here?Services Agriculture products Intellectual Property Rights Rules to deal with unfair trade and dispute settlementprocess were ineffective
GENERAL AGREEMENT ON TARIFFSAND TRADE (GATT 1994) GATT 1994 with broader scope and coverage and two(2) most important agreements:1.2. Final Act Embodying the Uruguay Round of MultilateralTrade negotiationsAgreement establishing the World Trade Organization(WTO)To provide a common framework for most multilateraltrade negotiations aimed at reducing trade barriersTo create the WTO, an International Organizationcharged with administering the GATT world tradesystem
GENERAL AGREEMENT ON TARIFFSAND TRADE (GATT 1994) GATT 1994’s Major Principles:1.Multilateral Trade Negotiations (Art.II)2.Predictability of Trade Opportunities (Art.II)3.Non-discrimination and unconditional Most-favourednation trade (Art.I)4.National Treatment (Art.III)5.Elimination of Quotas and other Non-tariff barriers(Art.XI & XIII)1.The term “tariffication”
GENERAL AGREEMENT ON TARIFFSAND TRADE (GATT 1994) Special rules to: Promote trade with developing nations Allow the establishment of free-trade areas and customsunions (Examples?) Allow restrictions on Imports when necessary to:Protect public health and safety Domestic firms from unfair trade practices
WORLD TRADE ORGANIZATION(WTO) Established 1 January 1995 Current work comes from 1986-94 negotiations called theUruguay Round and earlier negotiations under the GATT Membership: 154 countries as at 29 April 2012 Purpose:To help trade flow as freely as possible – as this is important foreconomic development & well-being Ensuring individuals, companies & governments know what traderules are around the world Giving them confidence that there will be no sudden changes ofpolicy The rules must be “transparent” and “predictable”
WORLD TRADE ORGANIZATION(WTO)Main Functions: Administering WTO trade agreements Forum for trade negotiations Handling trade disputes Monitoring national trade policies Technical assistance and training for developing countries Cooperation with other international organizations
WORLD TRADE ORGANIZATION(WTO)Main activities: Negotiating the reduction or elimination of obstacles totrade & agreeing on rules governing the conduct ofinternational tradeAdministering & monitoring the application of theWTO’s agreed rules for trade in goods, services and IPrightsMonitoring and reviewing trade policies of the membernations & ensuring transparency of regional andbilateral trade agreements
WORLD TRADE ORGANIZATION(WTO)Main activities (cont.): Settling disputes among member nations (especially ininterpretation and application of the agreements)Building capacity of developing country governmentofficials in international trade mattersAssisting the process of accession of some 30 countrieswho are not yet members of the organization
VIETNAM & WTO 01/1995: Vietnam officially filed for membershipapplication07/11/2006: WTO’s General Council approvedVietnam’s application documents07/01/2007: Vietnam officially became a full member ofWTO (150th member)The documents: 260 page Negotiating Team’s report 560 page Vietnam’s Commitment in alomost alleconomic sectors (services, banking, import, export,taxation, agriculture, goods, etc.)
VIETNAM & WTO Five (05) years after joining the WTO: Expanding export markets, more competitive advantagesand attract FDI Fair trading for all economic components Vietnam’s economy will be less impacted by economicsanctions in case of disputes Vietnam’s agricultural products will benefit most Eliminating the monopoly in domestic markets
VIETNAM & WTO Anything that is not good? Competitive advantage level? Stable economic development policies? Official’s knowledge?Two sides of Globalization context?
CONTENTS Part 1: Legal Environment of International Business Forms of International Business Trade Government Controls over Trade International Licensing Agreements Foreign Direct Investment (FDI) Managing risks of International Business Distance and Communication Language and Cultural Differences Other risks? Part 2: International Law and Organizations
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