International Business Law
What are the five key terms and three key concepts of International Trade Law?
The five terminologies used in International Trade Law include:
1.Foreign Trade Regulations.These are rules that govern the way export information in the electric form is filed by Census Bureau. This information is collected and processed endlessly by Census Bureau with an aim of giving statistics on commodities exported to foreign countries from U.S.A
2.Electronic Export Information.This is data in Electric form documented in a system known as Automated Export. This data is similar to the one previously collected as information of Shippers on export declaration.
3.Export License This license gives permission to carry out transactions concerning exportation. It is given by suitable licensing body following careful assessment of information mgiven in export transactions.
4.Economic Sanctions .The OFAC (Office of Foreign Assets Control) of the Treasury administraters Department in U.S.A which enforces and administer sanctions trade and economic on the basic of foreign policy and state security towards other states.
5.Bill of Lading. This is a document that formulates the terms of an agreement between a shipper and company that does transportation where freight is to be carried between particular points for a particular charge.
Key concepts of International Trade Law
1.Market Access which is the minimizing of tariff together with non tariff hindrances to trade.
2.Balancing trade liberalization and societal interests which includes business models showing strong competition in output and input markets.
3.Non-discrimination concept which shows that parties in agreement to a global economy treaty domestic business people more favourably than foreign business people.
Explain the relationship between protection of the environment and economic development
Environmental raw materials such as fossil fuels and minerals directly enhances manufacturing of services and goods. Protection of the environment gives other services that makes economic activity,like filtering air, floods disaster protection, sequestering carbon, and soil formation.
Do you lean more toward protection of the environment or economic development? What do you think is the best way to maintain a balance between the two.
I lean more on economic development since it is a vital component that enhances economic expansion in economy, creating job opportunities and improving the standard of life. Economic development strives to diversify the economy, which is one way of minimizing a regions vulnerability to one industry.
Conserving the environment together with developing the economy are incompatible. We can maintain a balanced between environment and economic development by exercising better agricultural activities such as using natural and safe pesticides, fertilizers and insecticides. This can also be done by using sustainable and natural resources of energy apart from non-renewable ones such as fossil fuels.