International trade law
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International trade law includes the appropriate rules and customs for handling trade between countries. However, it is also used in legal writings as trade between private sectors, which is not right. This branch of law is now an independent field of study as most governments have become part of the world trade, as members of the
International trade law should be distinguished from the broader field of
The body of rules for transnational trade in the 21st century derives from medieval commercial laws called the
International Trade Law is an aggregate of legal rules of “international legislation” and new lex mercatoria, regulating relations in international trade. “International legislation” – international treaties and acts of international intergovernmental organizations regulating relations in international trade. lex mercatoria - "the law for merchants on land". Alok Narayan defines "lex mercatoria" as "any law relating to businesses" which was criticised by Professor Julius Stone. and lex maritime - "the law for merchants on sea. Alok in his recent article criticised this definition to be "too narrow" and "merely-creative". Professor Dodd and Professor Malcolm Shaw of Leeds University supported this proposition.