The Treaty of the Trade and the Trade Laws

What is the meaning of the terms 'the treaty of the trade' and 'the trade laws'? What are the chief characteristics of the trade treaty? What are the different levels of the trade law? What is the purpose of the trade law?

A. The Treaty of the Trade:

•1.      The Definition :

The treaty of trade may be defined as a mutually agreed upon legal documentary instrument that facilitates the trade between or amongst a set of signatory political structures in a spatial- temporal context.

•2.      The Chief Characteristics :

The treaty of trade must necessarily possess the following characteristics for it to qualify as such:

• 1. It must mutually be agreed upon.
• 2. It must legally be binding.
• 3. It must be a document.
• 4. It must be signed.
• 5. It must facilitate the trade.
• 6. It must be between or amongst any given set of spatial-political structures.
• 7. It must be for certain time period.
• 8. It must be valid only in a certain clearly well defined spatial context.
• 9. It must be honoured by all those who sign it.

B. The Trade Law:

[1].The Definition:

The Trade Law may well be defined as a law enacted by a single political structure or a set of political structures for the express purposes of carrying on the trade activities.

[2].The Spatial Levels:

There may be identified two main spatial levels of the trade law:

1.The intra-national

2.The international

The example of the former is the central excise and customs laws prevailing in India. The example of the later is the laws framed by the W.T.O. for the trade between and amongst its members.

[3].The Legal Levels:

One may easily identify three legal levels of the trade law as follows:

i.   The Unilateral

ii.  The Bilateral

iii. The Multilateral

•1.      The Unilateral Trade Law:

This is the trade law enacted unilaterally by a given political structure for its own convenience without making any other political structure a party to it.

•2.      The Bilateral Trade Law:

This is the trade law enacted bilaterally by any given two political structures with the mutual consent.

•3.      The Multilateral Trade Law:

This is the trade law enacted multilaterally by any given set of more than two political structures with the mutual consent.

[4].The Purposes of the Trade Law:                                                       

• 1. The trade law may be enacted by a political structure to fulfill its own needs or protect its own enlightened interests, i.e., India has banned trading within or across its borders the trading in the narcotics and drugs by enacting the NDAPS (Narcotics Drugs And Psychotropic Substances) Act so that its own population may remain safe from the bad effects of such things.
• 2. The trade law may be enacted by a given political structure or a set of political structures to honour the terms of the trade with other political structure/structures, i.e., India has enacted suitable central excise and customs laws to ensure no or the concessional rate of customs duty on the imports from and exports to Nepal . The W.T.O. offers another excellent example. It crafts the trade treaty binding upon all its members. These members in turn are required to amend or enact laws in their own political space so as to ensure the compliance with such trade treaty as decided upon by the W.T.O.

• tags:
• TreatyOfTrade
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• TradeLaws
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• intranational
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• international
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• WTO
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• Unilateral
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• Bilateral
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• Multilateral
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• NDAPS
• |
• CentralExciseCustomslaws

• Article Word Count: 519
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