The course examines the importance of international trade for a nation´s economic development and growth. It places particular emphasis on how trade regulations will affect the success of modern businesses in the 21st Century. It also addresses the fact that absence of efficient legal frameworks hampers international transactions, and force private firms to adopt sub-optimal investment and production strategies as they adapt to inefficient trade rules in their quest for productivity and profit results. Once having demonstrated the need for an efficient legal framework for international transactions, the course proceeds to evaluate the current legal system under which today´s world trade operates, including WTO´s legal and dispute settlement system, and the diverse regulations established under Regional Trade Agreements (RTAs) and other integration schemes which have been established between countries to provide preferential trade systems under which national private firms operate.
Distribution of the course
The course is divided into five sections: The first section explores the theoretical justifications for free and open trade in an economy. The second section demonstrates the need of efficient legal systems for fair and just trade in the globalized economy of the 21st century. The third section evaluates the structure of the international trade system as it is today. The fourth section presents the legal framework under which Mexican firms compete in the international trade system. The final section studies the prospects and challenges confronting business as a result of the current world-wide international trade system, and attempts to define which issues must be dealt with to provide fair and balanced trade agreements which would encourage competition, productivity and a fair distribution of benefits amongst all nations in the world.
The principal objective is to provide the student with tools to understand the role of the different legal trade arrangements in the world, and how they affect business strategies in the global economy of the 21st century. A secondary objective is to provide the student with the knowledge required to understand world-wide and regional trade arrangements and their impact over global businesses strategies of multinational firms. As complementary objective the student should be able to incorporate international transactions as part of the domestic business strategy of any company he/she works for in the future.
Some topics that will be covered on this course are:
Theoretical foundations of Free Trade
Trade Agreements: A typology
A Trade System for the 21st century: Prospects and challenges