INTERNATIONAL LAW RESEARCH ESSAY

Uniquely, these international treaties may be referred to as protocols, conventions, memorandum of understanding, covenants, etc. Despite these variations in terminology the intent and purpose are always the same which is to law ground rules and foster cooperation. Markedly, in this paper, we shall endeavour to deliberate on the importance of treaties in promoting international commerce particularly focusing on; global trade in general, transportation, finance and dissemination of information. Global trade Before the adoption of the Westphalian system of sovereignty, imperialism was the most favoured system of controlling territories and managing resources. This system explains why the existing sovereignties were eager to conquer and colonise. One way to mitigate this challenge is to enact treaties that deal with specific misconducts such as money laundering, environmental degradation, and violation of intellectual property rights among others.

Firstly, member states are encouraged to adopt and domesticate these treaties as municipal laws for consistency in enforcement. Another way of enforcement is by standardization of regulation which works parallel with domestications of the treaties. 6 It is through this approach that member states are able to cooperate and foster global trade. Manifestly, perception also plays a significant role in global trade and member states are often eager to present a positive image to other states. Idyllically, the treaty outlines that these states have the right to access the sea by being granted the right of access by adjacent states that are bordering the sea. 11 Further, it provides for access to the territorial sea by virtue of innocent passage. 12 Further, this access extends to the exclusive economic zone in which they are allowed the right to pass and exploit on an equitable basis.

13 Correspondingly, these rights are extended to high seas where they experience equal sovereignty. 14 Similarly, these rights are also extended to the seabed. 18 Consequently, the regulatory framework is a hybrid system of customary practices by individual member states and the municipal law of dominant markets. Illustratively, the dominant states with greater financial prowess have been the influential force that has driven these institutions with the lesser economic powered states much in tow. Particularly, the United States of America (USA) has driven most of the policies making these institutions to mirror the free market capitalism style. Despite this domineering tendency and influence the current global financial system still favors a decentralised approach. Thereupon, this system has its roots in the deregulation ideology of the US it has been largely adopted by other developed nations that subscribe to capitalism.

21 Manifestly, the objective of ITA is to improve the standards of living through the expansion of production and trade in information technology products. Rationally, the technology of any kind has been instrumental in improving our convenience. One of the objectives of ITA is to cut tariffs on information technology related products as a way of improving the dissemination of information. On this issue, ITA is corresponding with the requirements stipulated under GATT. The importance of this position is the fact that ITA is likely to be binding to non-ITA member states by virtue of being a WTO member. Further, there has been a massive improvement in global financial management as information is now obtainable in real time. Conclusion Uniquely, the importance of the treaty in our modern lives cannot be accurately quantified either quantitatively or qualitatively.

Ideally, it is the main reason why global trade is possible and continues to improve. Its main achievement is to ensure that there are interdependence and reciprocity between member states thus fostering cooperation. Likewise, treaties have been instrumental in the regulation and standardization of the global trade. , 2007) Information technology R&D, Critical trends and issues (DIANE Publishing, 1985) Jones, Kent Albert, Reconstructing the World Trade Organization for the 21st Century: An Institutional Approach (Oxford University Press, 2015) McKeown, Adam, ‘Periodizing Globalization’ History Workshop Journal (2007) 63 (1): 218-230. Mégret, Frédéric ‘International Law as “Law”’, in Martti Koskenniemi and James Crawford (eds. ), The Cambridge Companion to International Law (Cambridge, Cambridge University Press, 2012) 64-92 Porter, Tony, Transnational Financial Regulation after the Crisis (Routledge, 2014). Robertson, David, International Economics and Confusing Politics (Edward Elgar Publishing, 2008) Uprety, Kishor, The Transit Regime for Landlocked States: International Law and Development Perspectives (World Bank Publications, 2006).