International Business and Trade:

In our modern world, business is global, and consumers around the world share the benefits of the best products and services that each nation can provide. Businesses operate in many countries, combining operations in ways that improve the products they offer and that allow more efficient production and distribution of goods and services. Nations that are open to international trade, that embrace competitive forces, benefit in many ways. The development of rules for opening trade – both within the WTO structure and in regional agreements such as NAFTA – have been a signal success of the past 75 years, contributing enormously to rising standards of living around the world. But inevitably, some rivals prevail on governments to take steps that handicap successful businesses and that restrict or distort trade to provide the local champion some temporary advantage. The nature of the rules governing international business, for resolving international business disputes, and for maintaining trade commitments affect nations’economic wealth and individuals’ abilities to pursue their own goals and interests within a fair and predictable legal framework. The growth of international arbitration, the proliferation of antidumping regimes, and the internationalization of regulations respecting intellectual property, services, and financial flows generate important issues for business and for individual rights.