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International law does not have the defined area or structure. Admittedly, it refers to customs and rules of legal interaction between nations. It aims at regulating the rights and responsibilities of countries interacting with each other. International law includes the governments, businesses, and international organizations. Recently, the scope of international law has been redefined. Nowadays, international law governs relations between the countries, international organizations, or individuals. National legal system is divided into following branches: International economic, Criminal Law, Security Law, Diplomatic Law, Environmental Law, Human Rights Law, and Law of War (Humanitarian Law) (Wex, 2010).
It is hard to directly define the international law without analyzing the development of international society during last five centuries (Allott, 40). Due to development of international societies, three legal international principles were established. They include Principle of Comity, Act of State Doctrine, and Doctrine of Sovereign Immunity.
International doctrines and principles, which regulate international organizations, are significant for the development of international democratic relations. International organizations are established in accordance with international agreement.
International business requires legal regulations such as the corporate social responsibility. It is the form of corporate regulation integrated into a business model. Thus, the efficiency of such business depends on international organization regulating it. The governments are the main mediators that regulate corporate social responsibility. They are responsible for controlling organizations and preventing the harming of the common good. Environment protection and people safety are their main prerogatives. According to Robert Reigh, governments should set the agenda for social responsibility with the help of rules and regulations that would allow businesses to put their finger on their own responsibility.
While developing international business, the following components should be taken into consideration. The first component is trading via the Internet widely used in global business. Thus, if one runs an international business, it will be necessary to involve world web systems. Nowadays, almost every company has its website. The second component is localization. Companies often provide a progressive approach to localization, which helps to refine the local marketing strategies. Another key element to a successful international business is the use of appropriate navigation techniques. The next component is advertising the products or services. The last key element for a successful global business is templates. The name of the company greatly influences the costumers’ choice of goods. Therefore, branding is the most important part of international business.
International trading requires international licensing. International licensing allows other party to use the branded goods or service produced by certain company. The license involves agreement between the parties. It is a kind of authorization allowing usage of licensed materials. In multiple global markets, licensing is very beneficial for companies, which do not export their products due to some reasons. It involves the ability to discover markets beyond one’s own country. It requires knowledge of the political and economic situation in the country where a license is to be granted. Therefore, it is compulsory to treat licensing process seriously. It is vital to deal with prospective licensee, observe their needs and capabilities, or understand a global consumers’ behavior.
Anyway, licensing is the partnership agreement between the owner of intellectual property and another party allowing using the property with commercial purpose. The licensing agreements might be categorized as follows: Copyright or Technology License Agreement and Trademark Licensing or Franchising Agreement. These Agreements control the international licensing and property rights.
Direct foreign investment belongs to international law. It is an investment of the company situated in certain country into products produced by another country’s company. International law regulates expanding operations of the other’s country business as well. Direct foreign investment includes taxes regulated by government.
To conclude, it is significant to note that international law helps to avoid misunderstandings in business and individual relations among people living in different countries. There is variety of agreements that accomplish the international law. Such regulations are vital, since law systems of international societies greatly differ. People living in different countries have different rules to follow. International agreements adapt the laws and rules of each country making them acceptable for both parties.