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Harmonization of trade laws is essential for global commerce from "summary" of Modern Law of International Trade by Ajendra Srivastava
The harmonization of trade laws is a critical factor for the smooth functioning of global commerce. In today's interconnected world, where goods and services flow across borders with ease, having a uniform set of trade laws helps in ensuring predictability and stability in international trade transactions. When countries have different laws and regulations governing trade, it can create confusion and increase transaction costs for businesses. This can be particularly problematic for small and medium-sized enterprises that may not have the resources to navigate through complex legal frameworks in different jurisdictions. Harmonizing trade laws can also help in promoting fair competition among businesses operating in different countries. When there is a level playing field in terms of regulatory requirements, it reduces th...
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