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: This unit is based on export and import contract which are brought together termed as law of international trade.
- Define UK trade law linked with export and import operations.
- Define key documents of trading and checklist required for export process
- Reflect on carrier options and letter of credit.
- Develop application of business law.
International business refers to exchange of services and products between businesses as well as people in many countries. Multinational enterprise is a main player in an international business. With difficulties of global operating environments, it is necessary for firms to consider legal, social, political, environmental and economic factors (Cavusgil and et. al., 2014). International business environment is multidimensional involving cultural differences, taxation problems, political risks and exchange risks. This report is based on Jimmy Choo which is designer and provides luxurious brand of accessories. Under this report mention about Trade law and import as well as export related scenario.
1) UK's Trade Law related with export and import law
Trade Law of UK is governed by European Union law on the common commercial policy and custom union at least until the withdrawal from European Union. International trading law is associated with all rules and customs related with handling trade between two countries. Each country is having its own distinctive trade policies and they are obliged to follow the same. International trade law can be define as a body of rules and regulation that regulate the relationship that exist between domestic market and international trade. This law governs the global exchange of product or services. It encompasses:-
Free Trade Area: It can be define as a region that includes a trade bloc whose member countries have enter into contract with other country in order to export or import their product or services. It help in increasing the import-export tariffs of respective country. Free trade means more growth and development opportunities for the respective company who is usually either importing and exporting their goods and services. According to Bureau of Economic Analysis, at least half of UK imports are not consumer goods they are inputs for UK based producers. FTA'a not only just eliminate or reduce tariffs and quotas, but they also address barriers that are present behind the border that prevent the flow of product or services. In addition to that, Free Trade Agreement also promote investment, improve co-operation and also address other issues that are prevailing between countries such as intellectual property, government procurement and e-commerce (Wilson, 2014).
World Trade organisation: It is an inter-governmental organisation that governs international trade. It was officially commenced on 1 Jan 1995 and signed by 123 nations including India and UK as well. It is considered as the biggest international economic organisation all across the world. It mainly deals with trade regulation concerned with goods, services or intellectual property from one country to another with an aim of business expansion, extensive market share and high profitability ratio. Participating countries enter into trade agreement and process of dispute resolution aimed at encouraging participants adherence to World Trade Agreement which are also signed by representative of member government and which further sanctioned by their parliaments.
However there are other laws as well that are related with international trade and which every company is obliged to follow.
2)‘Export and Import scenario’
Under this, there is an organisation chosen which is Jimmy Choo and provides various luxurious accessories. This firm formed through Datuk, Jimmy Choo Yeang and he is fashion designer in Malaysia. The main products in which this company is leading are fragrances, shoes, accessories and hand bags. This firm provides its good in many of country by following all legislations as well as rules. Under this, Jimmy Choo provides its goods in India to most popular retailers of shoes. This firm exports its bran in India to United Kingdom. In all over the world, India is largest producer of footwear. Jimmy Choo is British retailer whose fans consist Duchess and also Beyonce of Cambridge which has been snapped