How International Law is Important to the World's Development

International law is an important part of the world. It helps to increase global harmony and peace. In addition, it's vital for developing countries who can't afford to pay for legal help. International law also protects the rights of individuals that live in a country that is not their home.

One major area of international law is human rights. This includes things like freedom of religion, equality between men and women, voting rights, and more. The United Nations’ Universal Declaration on Human Rights outlines the basic principles of human rights that all countries are required to follow.

Additionally, international law regulates how nations interact with one another. It handles issues such as borders and trade, refugees, weapons trade, terrorism, piracy, nuclear proliferation and more. In fact, without international law we wouldn't have global peace! Read on as Ari Afilalo, a specialist in international law, explains more about how important international law is to our world today.

The Advantages of Studying International Trade

 

The elimination of geographical barriers, the exchange of goods and services between countries, e-commerce, free trade and international treaties have allowed foreign trade to become a reality. Currently, the sale of products on a global scale is enormous. Not only are thousands of transactions made a day, but also these tend to be of great magnitude and fast.

International Trade is a critical channel for getting essential products to those who need them, said Ari Afilalo, Professor of Law and specialist in international trade law, business transactions and contracts. Therefore, taking actions to facilitate international trade is essential in the current context.

Within this broad scope, the possible combinations of carrying out international trade processes are multiple. This is why many brands and organizations demand specialized professionals in this sector, capable of developing from the export of products to the internationalization process of a company.

International trade is one of the most promising careers today. Thanks to globalization, the number of companies and entrepreneurs that need to internationalize in order to expand is increasing. Next, Ari Afilalo will tell you the main advantages of becoming a professional in the sector.

International Trade Outlook for 2021

 

There is no doubt that the rapid spread of the virus in 2020 and the drastic measures used by governments to reduce the risk of contagion have hit the world economy hard, which has experienced its worst recession since the 1930s.

International trade was affected in 2020 due to restrictive measures imposed by several countries to contain the pandemic. Airport and border closures prevented trade from picking up last year, after tensions between the United States and China eased somewhat.

To this end, Ari Afilalo, a noted Professor of Law and recognized expert in International Trade Law, published a document stating that the drop in international trade in 2020 reached 9.2%.

However, due to the recovery in China and the US, a slight recovery in goods exports is noted. While imports do not yet show a significant rebound, which would reflect the severity of the recession that is being experienced.

In the particular case of our region, according to ECLAC, foreign trade has been hit hard by the pandemic. And he estimated that last year the falls in the value of exports and imports of goods was 13% and 20%, respectively.

On the other hand, intraregional trade will be particularly affected and a 24% drop is projected, which would have a very negative effect on regional manufacturing exports.

Another aspect that Ari Afilalo highlights and that will be key to the recovery of trade in 2021, is the review of trade agreements and tariffs that will be carried out by the administration of the president-elect of the United States, Joe Biden.

According to the Rutgers Law Professor Ari Afilalo, the improvement in the forecast for the economy is made taking into account that in the latter part of last year the world experienced a kind of commercial and economic normalization; the restriction measures were relaxed and the economy returned to part of the pre-pandemic figures.

Now, in 2021, the IMF also has a better perspective: while in October of last year the economic rebound was at 5.2%, for the most recent review, an economic growth of 5.5% is expected.

This improvement would be conditional on the world being able to overcome the new waves of coronavirus that lead to economies in Europe and some Latin American countries having to experience strict closures of their economies.

In general, everything leads to the fact that, for the good of the international community, greater regional integration should be increased as a mechanism to reduce trade tensions.

International Trade is Also a Victim of the Coronavirus

 

The coronavirus has put a brake on globalization. The trade balances of the countries have been reduced, and that has negatively affected the evolution of international trade. If we look at present prospects, the World Trade Organization forecasts a 9.2% decrease in the volume of world trade for this year. Comparatively, the estimate of the deterioration of world growth is that the set of economies regressed GDP of 4.8%.

In 2020, we saw a negative first part of the year, some improvements in the months of June and July that brought optimism, but we are currently seeing a second wave in the pandemic that will entail different restrictive measures and, therefore, put at risk the current shrinkage estimates.

International trade is a critical channel for getting essential products to those who need them, said Ari Afilalo, Law Professor at Rutgers Law School. Therefore, taking actions to facilitate international trade is essential in the current context.

At this point, it is necessary to highlight the role of China, which is an important contributor in world trade. Its exports managed to recover from the collapse reached at the beginning of the year, supported by an earlier resumption of activity, a strong rebound in external demand specifically oriented to medical equipment and equipment to support the shift towards telework formulas. It is very significant that China posted a 9.9% year-on-year growth in its exports in September, explains Ari Afilalo who is a specialist in international trade law, business transactions, and contracts.

Although the decline in trade during the pandemic has been similar to that manifested in the global financial crisis in 2008-2009, the economic context is clearly different. On this occasion, we have blockages of mobility restrictions that imposed supply limitations on national economies, which has severely reduced their production levels. The current recession reflects a particularly sharp contraction in contact-intensive sectors and less intensity in manufacturing, which generally contracts sharply in recessions as demand for capital and consumer durables plummet.

Another point to bear in mind is that, as Ari Afilalo has repeatedly commented, there is a strong advance in public debt that could also collaterally affect trade and economic growth projections in the long term. This is because many countries must balance a game to maintain economic activity and help businesses and individuals, while ensuring that debt remains sustainable is a task of enormous risks, given the high public debt, spending needs triggered by the crisis, and the blow to public revenue.

Although it is unlikely that rich countries will face sovereign debt crises as a result of fiscal expansion, at least in the short / medium term, the poorest may find the increased debt burden extremely onerous as a result of the weakness of their currencies and uncertainty around debt payments. Deficit spending could also influence trade balances, reducing national savings and increasing trade deficits in some countries.