International business law
Purpose : « conflict of law », to choose between two legal systems when two companies negotiate contracts from different countries. Possible option to the conflict of law is to slect arbitration which is a private legal system developed to provide international companies with suitable business solutions. The objectives for example are to avoid a concellation of an international contract and propose to the partners some gentle agreement and partial excution of the contract. The majority of international companies will choose in advance a well known arbitration court such as ICC, LCA (London Court and Arbitration) or the US AAA (American Arbitration Association). ABL is also the way to regulate and harmonize foreign laws in terms of tax, customs and global business. WTO will negotiate quotas periods between the different countries to protect local économies such as Greece at the moment but will also act as an arbitrator between two markets such as Vietnam and South Carolina on textile business. WTO will also issue standards, norms and régulations to create a global market between the main countries giving the possibility to produce in the EU. Finally IBL is absolutly essential to promote common grounds for international trade but also free business accords through the setting up of joint ventures, consortiums and holdings (including mother/parent company and subsidaries).
LEGAL BASIS OF IBL A. PUBLIC INTERNATIONAL LAW
UN = IMF, WB, WTO IMF is not only responsible for international finance but also for publishing the international business list ; it is a document which can be consulted online, is in fact a full report of the main business opportunities in the world giving all necessary détails about the level of corporation tax, the way to set up a company, the different trade and tax agreements between, for example, UN and Magreb countries, USA and Carabean countries and more recently China and Common Wealth.