CHAPTER-I

INTERNATIONAL TRADE, INTERNATIONAL

LAW, T\ Cs & GLOBALISATION

INTERNATIONAL TRADE

1.1. Introductory Words: As per Halsbury's Law of England, the

word 'true' bears the meaning of: (a) exchange of goods for goods or
goods for money; (b) any business carried on with a view to profit,
whether manual or mercantile, as distinguished from the liberal arts or
:earned professions and from agriculture. Now 'trade' means lending,
movements of goods. transactions linked with merchandise of flow of
goods, the promotion of buying and selling advance, borrowings,
discounting bills and mercantile documents, banking and other forms
of supply of funds. The word 'business' is a wider term than trade and
it includes any occupation.

International trade is the trade between States or nations entirely

foreign to each other. The trade across the borders of the countries has
been carried on since times immemorial. International trade refers to
trade between the residents of two different countries.

The map of the world of today is not similar to that of past. There were
many countries or kingdoms and they were considered foreign to each
other. For example, the country 'India' had been divided as many
countries before getting independence, With the division of labour
man could produce surplus and originally, the producers used to
export their products to the nearby countries and gradually extended
the export to far-off countries. Trade had been carried by land by
transporting the goods by carrying n the head/shoulders of men, next
by bullock-carts and animal back.

With industrial revolution, the great industrial nations of Europe, i.e.,

colonial powers of Spanish, Portuguese, Dutch, French, Italian,
Ge=an and British needed colonies to supply them with raw material.
E.:-opean nations embarked upon imperialism for the sake of finding
markets for their surplus goods and loot. The European nations needed
Trade Law-2