1st Chapter: Introduction to International law and role of International

Institutions

Introduction to International Law

Meaning:
International law broadly means a science which deals with the body of customs, rules,
principles, treaties, covenants, charters, clauses, codifications, declarations, understandings,
agreements, protocols, etc. which are binding upon the members of the international
community such as sovereign states , the entities which have been granted international
personality, institutions and enterprise in their mutual economic relations relating to
international trade and commerce in goods, services and intellectual property.

Definition: Torsten Gihl

The Law of Nations or International Law may be defined as the body of rules and principles
of action, which are binding upon civilized states in their relations with one another.

Objectives:
1. Advance Economic and Social Expansion
2. Efforts for Secure Environment and create respect for Human Life.
3. Establish laws and Treaties, Bound by Mutual Agreements
4. Steady Relationship
5. Provide Guidelines to co-operate for preservation of world peace and security.
6. Protect Environment, save endangered species, cleaning pollution and Preserve marine.
7. Represent those who are not capable of representing themselves.
8. Interpretation and enforcement are not compelled on states consent

Principles:
1. The Territorial Principle
2. The Nationality Principle
3. The Protective Principle
4. The Universality Principle

United Nations Conference on Trade and Development (UNCTAD)

Formation:
The UNCTAD was set up in 1964 based on an alternative. From the very beginning UNCTAD’s
basic philosophy has been one of compromise and co-operation, not one of confrontation,
and conflict to promote economic development trade through international co-operation
within the universal United Nations Framework.
Currently UNCTAD has 193 member states and is headquartered in Geneva, Switzerland.
UNCTAD has 400 staff members and an annual regular budget of approximately US$50
million and US$25 million of extra budgetary technical assistance funds. The inter-
governmental work is done at 5 level of meetings. The UNCTAD conference is held every 4
Years.

Functions:
1. Encourage International Trade all over the world
2. Plan Principles and Policies on international Trade
3. To make Proposals for putting principles and policies into effect.
4. Review and aid the co-ordination of activities.
5. Centre of harmonious trade and related documents
6. Forum for Inter-Governmental Deliberations?
7. Undertake Research, policy analysis and data collection
8. Provide technical assistance, Special attention

United Nations Conference on International Trade (UNCTRAL)

Formation:
Established on 17th December 1966. Consists of 36 Governmental Experts

Functions:
1. Be responsive to member states’ needs and capacities.
2. Works for interest of all people and mostly developing countries.
3. Efficient ways to deliver and build local capacities to respond to needs.
4. Promotes Co-operation and manages work of organization
5. Unique Relevance
6. Encourages rule of law in both national and cross border contexts
7. Influence on economic and social development
8. Addressing the roots of economic tensions and problems
9. Promotes regional and international integrations
10. Works on Transitional justice and post-conflict reconstruction.

International Finance Corporation (IFC)

Formation:
Established in 1956,

Functions:
1. Assist economic advancement to LCD (Least Developed Countries)
2. Provide Financial, legal, and technical assistance
3. Mobilize resources on commercial terms for business and finance institutions.
4. Help companies by raising finance through investment funds and individual corporate
securities.
5. Private sector financing, as IFC is profit oriented financial institution.
6. Provides investment and advisory services. For assistance and improvement
7. Technical co-operation projects to improve investment climate globally.

International Development Programme/United Nations Development Programme (UNDP)

Formation:
166 Countries, Founded in 1965 and in 1971 full combination.

Functions:
1. Provides Expert advice, training, and support to developing countries
2. Encourage Global development, Poverty reduction, Crisis prevention and recovery.
3. Protection of Human Rights
4. Publishes Regional, National and Local Human Development Reports.
5. Co-ordination role through its leadership
6. Improve Effectiveness, Bring together operational and member agencies for better
development
7. Interaction with EU institutions and providing support for official mission and
development of inter-institutional networks.

2nd Chapter: Models and Conventions Governing International Trade

Types of Letters of Credit:

1. Clean and Documentary Letters of Credit
2. Confirmed and Unconfirmed Letters of Credit
3. Revocable and Irrevocable Letters of Credit
4. Fixed and Revolving Letters of Credit
5. With or Without Recourse of Credit