International Trade means trading activities conducted over seas or over long distances between two or more nations. In earlier days, the International Trade activities were limited, because the trade was mainly through sea. There were no Machinized ships or Air craft carriers to cover long distances. With the dawn of 20th Century, the global trade activities have started expanding in leaps and bounds. Now no Nation can exist independently without the economic dependence on other Nations. The International Trade has fast expended, necessitating the framing of International Trade laws Including global economic laws.
The study of international trade law covers the”Characteristics, Types, Advantages, Disadvantages, Challenges, etc ., of international trade. It also covers International Conventions and Conferences which have been established/organised by International Organizations like UNO , WTO etc., to develop rules, fix trade tariffs, implement Quota systems wherever necessary.
Similarly, the trade barriers to International Trade were identified and steps were taken to remove them. “International Trade Contract” formats were devised and in case of trade disputes, settlement mechanisms were established. The payment systems in International contracts were made uniform. For conducting International Trade, including exports & imports, licensing systems,transit insurances, carriage of goods by Sea, Air and Road, suitable legislations were enacted. In the same way, to regulate International Financing Systems, foreign investments, suitable enactments were enacted.
Since International Trade Law has now become a vast subject of study, the authors of UJLS have sincerely attempted to comprehend all the aspects of International Trade Law not only from the practical point of view, but also from the students’ examination point of view. Hence the book has been written in a very simple language so that even a layman can easily understand, grasp, remember and recollect the subject matter. Reference answers for the previous year questions have been given at the end of the book. We fervently hope that this book in simplified version will be extremely useful for all Law Students, Advocates, Businessmen and Others.