International Trade Law

In today's world, the interaction between people and companies from different geographies is faster and more complex than ever before. A large portion of these interactions involve the buying and selling of goods and services internationally. At this point, the importance of International Trade Law (ITH) undeniably emerges.

What is International Trade Law and Why is it Important?

ITH aims to regulate trade and resolve conflicts between different countries. This branch of law is a complex network involving many national legal systems. Its primary purpose is to regulate trade and conduct it fairly. This is why ITH plays a critical role for the sustainable growth and stability of the global economy.

Basic Principles of International Trade Law

1. Importance of Contracts: International trade contracts are at the center of ITH. These contracts govern the rights and obligations between the parties. One of the most common international trade agreements is known as the Convention for the International Sale of Goods (CISG).
2. Arbitration and Dispute Resolution: Arbitration is frequently used to resolve disputes between parties from different countries. International arbitration is conducted by an independent arbitral tribunal. It is a straightforward process and is usually quick and effective.
3. World Trade Organization (WTO): WTO is an international organization established to regulate world trade and promote free trade. Dispute resolution and trade  It plays an important role in issues such as monitoring policies.

International Trade Law According to Numerical Data

ITH is a field that is constantly evolving and growing. Numerical data helps us understand this change:
- World trade volume reached 22 trillion dollars in 2021, which shows that it constitutes an important part of the global economy.
- The number of cases referred to the ICC Arbitration Court in 2020 exceeded 850, which shows that the business world accepts that international arbitration is an effective way.
- The growth of digital commerce is changing world trade. In 2021, digital trade is estimated to account for 20 percent of total world trade in goods.

International Trade Law is of critical importance to respond to the complexity of today's world and ensure the smooth functioning of global trade. However, the legal framework in this area is constantly changing, so business and legal professionals must strive to stay current and adapt. ITH is the cornerstone of global business and will continue to shape the sustainable growth and development of international trade in the future. Therefore, closely following and understanding the developments in this field is a critical requirement for the business world.