Sustainable Development and International Business Law Report

Sustainable development and international business law 1) Executive summary This scenario involves four countries and four separate business transactions. Further, it involves several main legal issues which will be dealt with in the discussion. * The first issue is which law will govern the transactions between the parties – domestic or international law, and the implications of both. * The scenario raises the issue of the selection of incoterms which will best accommodate the interest of both parties in the first and second transaction between WCO and China and WCO and Philippines respectively. * The second issue raised is the difference in currency the parties would like to use again in the first and second†¦show more content†¦Prime examples of issues which arise thereof are distance, difference in the legal systems and currencies which have different value to them. Even though UK is not a signatory to CISG, in order for the transaction to exist, an agreement has to be made between the parties that where CISG does not cover certain issues, SGA 1978 will apply to fill in the gap automatically. In this case the dispute arises in Chine, Filipines, Japan or Thailand, the domestic law of the country in which the issue arises will be applicable to resolve it. International contracts can either be regulated by choice of one legal jurisdiction or through a uniform international Convention – United Nations Convention on Contracts for the International Sale of Goods (UNCISG). The latter is a uniform code comprising all different laws which applies to all international business transactions, subject to the agreement of the parties to the contract. The rationale behind CISG is that it is a compromise between civil law and common law for the sake of a smooth international transaction, where benefits such as creation of capital, employment, money flaw, better standard of living are a priority underpin the creation of a more sustainable world harmonising law systems in order to reach a single understanding of legal situations. The use of CISG in an international business transaction like in the present scenario is beneficial mainly because of the stability and predictability itShow MoreRelatedThe Role of Private Sector in Social and Economic Development1172 Words   |  5 Pagesthat the private sector plays in social and economic development led the International Labour Conference to discuss the concept of sustainable enterprises in June 2007. The promotion of sustainable enterprises ensures that human, financial and natural resources are combined equitably. 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