International Conference on Emerging Trends in International Trade Law

International Conference on Emerging Trends in International Trade Law

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One of the major contributions of globalisation has been the emergence of international trade. On an ordinary day, as a result of international trade, we may wear clothes produced in Bangladesh, ride a vehicle produced in Germany, and communicate with our friends on cellular phones designed in the United States, but manufactured in China. Ever since industrialisation, large scale production of goods led to expansion of markets for the purpose of selling the surplus. Today, international trade is not just limited to buying and selling of goods but also services. Additionally, it caters not only to the issues faced by large corporations engaged in international trade,  but also encourages the MSMEs to engage in trade at an international level.

Due to changing policies of governments around the world, foreign investment is on an all-time rise. Global value chains have been established to improve allocative and productive efficiencies. With these developments came the growing legal issues involved in International Trade. The World Trade Organization (WTO) was created to deal with such issues and to further integrate the global markets. Today, WTO’s functioning has expanded to a great extent and any and every aspect of international trade is dealt with by the WTO. However, the WTO is not free from controversies. The issue of the WTO becoming an organization dealing with non-trade issues is a growing concern. The dispute settlement system of the WTO, one of the most successful international adjudicatory body, is wrought with problems and is currently facing a systemic deadlock.

Additionally, the proliferation of Regional Trade Agreements (RTA) has led to multifarious issues as the RTAs function in parallel to the WTO and often lead to regulatory clashes. The issue with regards to how international trade concerns are different for developed countries on one hand and the developing and least developed countries on the other also demands attention. The issues relating to trade in agricultural products and the growing problem of subsidies providing unequal conditions of competition in the international markets are proof of the disparity between the policies pursued by the hegemons and the weaker countries. Large scale production and supply of goods and services all over the world and the varying legal systems in sovereign countries have given rise to Intellectual Property Rights and competition law issues.

Lastly, due to radical political shifts taking place in most of the countries around the world in favour of nationalism, there is a growing discontent with globalisation and rejection of interdependency with regards to international trade. This has been especially highlighted during the subsisting COVID-19 pandemic wherein the usual trends of international trade as we know it went for a toss and increased protectionist policies were pursued by most countries.

The Conference is organised to consolidate and document the views and opinions of a veritable panel of experts through this unique forum.