What is the role of international law in trade agreements? 🔊
International law plays a significant role in trade agreements by establishing the legal frameworks that govern cross-border commerce. It outlines the rights and obligations of countries involved in trade, promoting fairness and stability in international economic relations. Agreements such as the World Trade Organization rules are essential for resolving disputes and ensuring compliance with agreed-upon standards. By adhering to international law, nations can foster economic cooperation, enhance their credibility, and attract foreign investment. However, conflicts may arise when national interests clash with international obligation, highlighting the balancing act that countries must perform in pursuing economic goals while upholding global legal norms.
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