International Trade Law
Our economy has now become truly global. Products can be designed in one country, manufactured in another, sold from a third country, and shipped to a fourth. Interestingly, this is not uncommon. Many companies work on an international scale for various reasons, and the global effects are significant. International trade laws govern both the transactions between countries and also the business between private companies that spans across national borders.
Current international law governing business practices and transactions dates to just after World War II. As governments were deciding how to piece much of the world back together, they decided to include some stipulations about international trade.
By far the most important aspect of international trade law is the World Trade Organization. Established in 1995, it is the body given the authority to oversee all international trade. They are not given decrees as to exactly how to regulate, simply that they are to regulate the international business.
International trade law can be an important issue to understand well, especially for a company in a state near international borders, like Texas. Many companies in Texas do business or have parts of their supply chain in nearby Mexico or Latin America, as well as some Asian countries.
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For more information regarding the specifics of international trade law, or if you have any other questions about forming your business, contact Texas Legal Entities today by calling 512-472-2431.