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The International legal environment of business

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The International legal environment of business

  1. 1. THE INTERNATIONAL LEGAL ENVIRONMENT OF BUSINESS • International Law and Business • International Trade Agreements • Business Structures in Foreign Markets • International Contracts • International Dispute Resolution
  2. 2. THE INTERNATIONAL BUSINESS ENVIRONMENT • Includes all business transactions that involve entities from two or more countries • Movement of goods across countries • Movement of services across countries • Issues regarding capital • Issues regarding personnel of multinational enterprises
  3. 3. RISKS OF INTERNATIONAL BUSINESS TRANSACTIONS • Financial • Political • Regulatory • All stem from differences in • Currencies • Language • Customs • Legal systems • Social philosophies • Government policies
  4. 4. ORIGINS OF INTERNATIONAL LAW • Commercial codes date back to Egypt in 1400 B.C. • Early trade centered around law of the sea • Greek/ Roman Empires both had codes of international trade • Middle Ages: Lex Mercatoria (Merchant Law) – Governed trading customs in Europe • Today’s codes still partly derived from early efforts
  5. 5. SOURCES OF INTERNATIONAL LAW • Individual countries create their own laws • Trade agreements between countries • Worldwide/regional organizations, i.e. • United Nations • European Union (EU) • No universal international court system for resolving international conflicts of businesses • Difficult to enforce decisions and contracts
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