Why was TRIPS included in WTO?

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The precursor to the WTO was the General Agreement on Tariffs and Trade (GATT) which sought to address issues related to international trade in goods. The operation of the GATT over the years resulted in lowering of tariffs in general in international trade. As a result, increasingly, other domestic policies of nations came into focus… Read more »

What are the requirements to start a venture for international trade?

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First of all, you need to have an IEC i.e., IMPORTER EXPORTER CODE. Any bonafide person/ company starting a venture for International trade require IEC. IEC forms a primary document for recognition by Govt. of India as an Exporter/ Importer. Patent – A patent in an exclusive right granted by a country to the owner of… Read more »

What is an absolute advantage?

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A country enjoys an absolute advantage when it can produce a certain good more efficiently and/or at less cost than another country. International Trade Law includes the appropriate rules and customs for handling trade between countries. However, it is also used in legal writings as trade between private sectors, which is not right. Exporting is the… Read more »