Introduction General Agreement on Trades and Tariffs (GATT) was formed in 1947 as part of the Bretton Woods Agreement. GATT set up a series of negotiating rounds, which were primarily intended to reduce and gradually eliminate quotas, duties, and tariffs in respect of trade in goods. The basic objective of the GATT was to progressively
The Heckscher-Ohlin Theory The Heckscher-Ohlin theory explains why countries trade goods and services with each other, the emphasize being on the difference of resources between two countries. The theory presents the issue that international and interregional differences in production costs occur because of the differences in the supply of production factors. Factors of production include
Introduction MFN is a standard of treatment which has been linked by some to the principle of the equality of States; the prevailing view is that a MFN obligation exists only when a treaty clause creates it. In the absence of a treaty obligation (or for that matter, an MFN obligation under national law); nations
INTRODUCTION International trade is mainly concerned with the economic exchanges or trade relations occurring worldwide. International trade law includes the appropriate rules and customs for handling trade between countries or between private companies across borders. It concentrates on the challenges and prospects of global trade. International trade is basically exchange of goods, services etc. across
Introduction Extradition is a process of migration of an individual from one state to another state, at the request of the legal authority of the requesting state. The person who is extradited is either convicted or accused of committing a crime. The extradition is not a punishment, but merely a process that can lead to
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