International Trade Law

Law Relating To International Trade

(III year of 3years)

Unit I

Historical Perspectives of International Trade: Theories of International Trade, significance of trade and its benefits, globalization and its impact on trade in India (New Economic Policy 1991).

International Trade Institutions: UNCTAD: United Nations Conference on Trade and Development- Objectives, functions and activities and Generalized System of Preferences (GPS) preferential tariff system under UNCTAD.

UNCITRAL: United Nations Commission on International Trade Law-Objectives, function, purpose, activities, composition and model laws of UNCITRAL on trade.

GATT (1947-1994): Historical background to GATT system; GATT Negotiations and tarrif reduction, Principles of Most Favoured Nations, National Treatment and Reciprocity; objectives and purpose of GATT Agreement; trade, development and Developing Countries; weakness of GATT 1947.

World Trade Organisation: Objectives, structure-decision making procedure, powers etc., Principles of WTO: Most favoured Nation and National Treatment, WTO and GATT, Agreement establishing WTO and its core agreements.

Tariffs and Safeguard Measures: Tariffs and barriers to trade, Antidumping and countervailing measures.

Unit II

Sanitary and Phyto-sanitary measures: Agreement on Sanitary and Phytosanitary Measures; The Exception, SPS Levels and Measures that are stricter than the International Standard; International Standards, the jurisprudence as evolved by the DSB on SPS Agreement.

Technical Barriers to Trade (TBT): History or genesis of TBT agreement; Scope, Principles or rules of the Agreement, Developing Countries and TBT agreement.

Trade Related Investment Measures (TRIMs) : Notified TRIMs-related to export or local control Elimination of notified TRIMs, Review of TRIMs, Trade distorting TRIMs, TRIMs and development, TRIMs inconsistent with GATT, List of TRIMs restrictive to developing countries, Effect of TRIMs on overseas affiliates, TRIMs and India, Inalienable rights of member countries.

Anti-Dumping, Subsidies and Countervailing Measures: Background of Anti-dumping and SCM Agreement, Trade related subsidies, export subsidies, actionable and non-actionable subsidies, Dumping and determination of dumping.

Dispute Settlement Process: DSU- dispute settlement understanding and dispute settlement body (DSB), Good office, conciliation and Mediation, panels and appellant body, enforcement under DSB.

Unit-III

International Sales of Goods: Various forms and Standardization of terms - Ex works, CIF Contracts under INCOTERMS 2000, FAS FOB contracts etc., Formation of Contract: General principles of contracts.

Performance of the Contract - Delivery of the goods, the passing of the property in the goods, the passing of the risk.

Acceptance and Rejection of Goods- Conditions, warranties and in-nominate terms, right of rejection in c.i.f. contracts, the rights of the unpaid seller, the unpaid seller’s lien, the right of resale.

Frustration of Contract: Legal meaning of frustration, Condition upon which the contract is frustrated and its effect.

Invoices and Packing: Nature and requirements of the invoices, obligations in packing, packing in sale of goods and in law of carriage of goods, packing in containers and dangerous goods.

Product Liability:  The basis of product liability and product liability insurance.

Unit IV

Export trade: Insurance of Goods in transit, kinds of marine insurance and air cargo insurance, the contract of insurance, the insurable interest and claims.

Law on Carriage of Goods by Sea:  Hague-Visby-Rules, Hamburg Rules and Rotterdam Rules.

Law of Carriage of Goods by Land: Carriage by rail and road, Carriage by road (CMR)

Law of Carriage of Goods by Air: System of liability, Convention carriage Warsaw Convention (Warsaw convention), Non-Convention Carriage and IATA Carriage.

Container Transport:  Container leasing agreement, liability of the container operator, pre-shipment Inspection, licensing of Export and Import.

Unit V

Finance and Investment: Introduction to finance and investment, Investment opportunities in India, Formation of a Company in India, Establishing branch or Office or Other Place of Business in India, Joint Venture Agreements.

Foreign Collaboration and Investment Policy: Introduction and Forms of Organisation for a foreign company conducting business in India.

FDI in Industries and Governing Policy: Meaning of FDI and FDI policy, Forms of Investment and Government approval, FDI in Industries, Telecommunications, Oil and Natural Gas.

Foreign Institutional Investors: Introduction to FIIs, Factors contributing to FII flows and trends in FII Investment.

Investment by Non-Resident Indians and Overseas Corporate Bodies: Introduction Non – resident Indian, Borrowing by Indian Companies, Purchase/sale of shares and / or convertible debentures by NRIs, Overseas Corporate Bodies, Investment policy of Overseas Corporate Bodies.

Foreign Collaboration Agreement – foreign Technology Agreement: Introduction to Foreign Collaboration Agreement, Scope of technology collaboration, foreign technology agreement policy, Procedure for collaboration.