International Legal System

Presentation to : Dr. Manpeet Arora Presented by: Ankit Jamwal CUHP12MBA63

Objectives
To discuss philosophies and practices of the legal system To describe trends in contemporary legal systems To explain legal issues facing international companies

Political and Legal Factors Influencing International Business Operations

Definition of a Legal System

The mechanism for creating, interpreting, and enforcing the laws in a specified jurisdiction Types:
Common law Civil law Theocratic law

Categories of Laws
Basically three types of Laws
International laws , treaties ,conventions,etc. Laws of foreign countries. Laws of home country, related to foreign trade.

International regulations
Incoterms: express sale prices , rights and responsibilities of seller and buyer and trade terms interpretation. Settlement of disputes:
WTO

In other cases ,there are broadly two avenues 1) Judicial dispute settlementlitigation 2) Extrajudicial dispute settlement.concilliation and arbitration.

Laws of foreign countries

Laws related product packaging ,price, promotion ,trade practices etc. Product Standards. Disclosures. Environment laws. Product liability.

Indian Laws
Related to export and import. The foreign Trade (Development and Regulation) Act 1992 : It replaced the Import and Export (control)Act ,1947. Objective of Foreign Trade (Development and Regulation )Act,1992 is to provide for the development
and regulation of foreign trade by facilitating imports and matters connected there.

 Key Features -Foreign Trade (Development And Regulation) Act give Central
Government power to make provisions for development and regulation of foreign trade. -Provisions for prohibiting, restricting and imports and exports of goods. -Appointment of DGFT. -Appointment of subordinate to DG known as Joint Director Generals. Control over import and export of any commodity by licensing.

Antiquities and Art Treasures Act,1972. India Coffee Act,1942. Tea Act ,1953. Customs Act ,1962. Export (Quality Control and Inspection) Act.

THANK YOU

Sources
Text book International Business and its Environment of Himalaya Publishing House. Internet