International Business law
Every business has to be built within a defined set of frameworks regardless of its nature and location. This framework is based on the law which provides options for the proprietors of business to choose the best-suited options as per their needs. International laws have given political as well as an economic transaction between the countries. Companies which conduct business beyond their national boundaries are subject to host county laws along with International treaties. some of such laws that a company expanding in foreign counties should abide by are: -
Labor Law Standards
Most of the countries have aligned their labor laws with the International labor organization standards to make sure that the employers provide equal and unbiased working conditions to all its employees. Countries that have approved the International labor organization treaty can use global standards. Also, the prevailing international regulations in various countries use their own labor laws including the minimum wage act, working hours for employees, employment contracts and requirements related to visa.
WTO Rules and Regulations
The World Trade Organization is in charge of supervising the fair-trade practices and international trade among the countries. If any company wishes to extend its reach into the foreign market then they must company with WTO regulations. For instance, the WTO anti-dumping agreement allows the country government to take actions against the organizations who are exporting products at a lesser price than that at which they are sold in the origin country. It's essential that exporters consider the world price to avoid any such issues when selling their products in the foreign market.
Customs Requirements and Regulations
Organizations that engage in global trade subject to international and regional custom rules & regulations like quotas, tariffs and other licensing obligations. Conducting business in the foreign market means that the company should be familiar with the rules and regulations of that country especially when involved in export and import. International customs can impact business practices especially. when the markets have high tariffs or quotas for import-export.
Global Ethics are important
Every organization that is into international trade should make sure that they abide by the global ethics which means that they should not violate human rights. United Nations has set forth certain international human rights like the Universal Declaration of Human rights standards. These standards require all members of society to participate in the preservation of human rights. Organizations that are involved in international trade will be responsible for reducing the human right abuses like crime, forced labor, torture etc.
Intellectual Property Rights
For every business, it’s important to protect their innovative techniques, process and their inventions because of internationalization of trade and upgraded technology there are higher chances of copyright disputes. The world intellectual property organization holds some treaties that protect the intellectual right among the countries. For instance, there are certain global treaties which guarantee copyright protection for the members of WTO. Such agreements act as a dispute settlement mechanism between the organizations. According to the foreign country’s intellectual property laws organizations can protect intellectual property by filing for patent, trademark or copyright.
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