International law is normally a set of rules which are generally regarded and agreed upon as binding in relations that exists between nations (Brownlie, 2008). They are conventional and may often require the national legal systems to be in line with the provisions of the international rules.
They are mainly instituted by covenants, customs, resolutions, treaties as well as general principles of law. Other sources of international law include declarations of international organizations as well as writings of judges. The scope of international law also includes relations between individuals as well as international organizations.
The international law is facilitated by several international organizations. One such organization is the United Nations (UN) whose corporate social responsibility is to facilitate cooperation in international law. It ensures social progress of nations, human rights as well as achievement of world peace.
The World Trade Organization (WTO) is another international organization that facilitates international law. Its corporate social responsibility is to supervise as well as to liberalize international law.
Thus, it regulates trade between member countries; provides platform for dispute resolution process in international trade conflicts between member nations; provides framework for formalizing trade agreements as well as negotiating trade agreements.
World Intellectual Property Organization (WIPO) is another international organization under the UN that facilities international law.
Its corporate social responsibility is to ensure the protection of intellectual property among member states. It facilitates the transfer of technology such as industrial property especially to the developing countries so as to promote economic, social as well as cultural development.
International Labour Organization (ILO) is a UN specialised agency whose corporate social responsibility is to promote social justice. It also promotes internationally recognized human rights as well as labour rights.
Basic concepts of international law include property, status, tort as well as obligation. Tort as is defined in international law refers to civil wrongs which are recognized by laws, both national and organizational, as basis for lawsuits.
Wrongs as defined in the tort law are injury or harm which constitute the grounds for making claims. The main aim of this law is to ensure that the wronged party is compensated for the damages incurred as well as to discourage others from engaging in similar crime. Tort law covers defamation, invasion of privacy as well as other economic crimes.
Multilateral obligation on the other hand refers to a legal duty whose bearer, which is normally a state or organization, becomes accountable to the international community (Amnesty International, 2011). Under international law, countries are expected to hand over suspected criminals to international courts or courts in other countries should they be requested to do so.
Property refers to any valuable thing that one possesses such as land and things attached to it. These are governed by property law. It also includes any movable object that a person owns; both tangible and intangible. The use of personal property is regulated by intellectual property laws.
Status is a concept used in international law to refer to different types of protection accorded to different categories of individuals as defined by the law (Cerone, 2002). Depending on the nationality, crime committed or the situation one finds him/herself in during a conflict, he or she must be accorded protection as is defined in international law.
International law has general principles which guide its operations. According to Dubay (2011) the principles of the international law have been derived from the law of merchant (lex mercatoria) which is a body of international trading principles.
These principles are applied in solving international commercial disputes. Principles of international law are built on the concept of standard international trading rules aimed at facilitating foreign commerce by steering clear of conflicts that could arise from the different local customs laws.
The general principles applied in international law therefore include obligation of conducting trade in good faith, non-discrimination of traders from different regions, reciprocity of obligations, as well as, negotiated dispute settlement.
The principles of international law govern international business, which again has several components. Trade, which is a basic component of international business, refers to exchange of goods, services as well as capital across territories which include international borders.
International business also comprises of risks which have to be dealt with. Managing risks refers to putting in place strategies and measures that enable multinational companies, businesses or countries leverage uncertainties or risks such as political risks and therefore protect their investments while taking advantage of opportunities in those areas.
Licensing agreements form basic components of international business. They generally refer to authorization by one party that allows the other (licensee) to use the licensed property. In most cases, the party in need of the license acquires it from authorities to allow for operation of an activity in an area.
Intellectual property rights on the other hand refers to legal rights which includes patents, trademarks, copyrights as well as other rights such as trade secrets or industrial design rights which are entitled to an individual, organization or institution due to intellectual activity in a specific field which may include literary, artistic or industrial field (Adler, Ostrow, Pisacreta & Raysman, 2005).
Under this law, proprietors or owners are awarded certain exclusive rights to a range of intangible assets which could include designs, symbols, inventions, discoveries or phrases. The intangible assets also include artistic, musical as well as literary works.
In international law, intellectual property rights are generally defined as products of the mind. Intellectual property law therefore protects these products. It also governs moral rights, licensing, publicity rights, misappropriation, as well as geographic indications of product origin (Franklin, 2011).
Another component of international business is Foreign Direct Investment (FDI). This term means net inflows of investment in an economy obtained from an investor or organization from another economy and is normally used to achieve a lasting management interest in an organization or enterprise.
Reference List
Adler, K. A., Ostrow, S. H., Pisacreta, E. D.. & Raysman, R. (2005). Intellectual property licensing: Forms and analysis. New York: Law Journal Press.
Amnesty International. (2011). Document-international Law Commission: The obligation to extradite or presecute (aut dedere aut judicare). Web.
Brownlie, I. (2008). Principles of public international law, 7th Ed. New York: Oxford University Press.
Cerone, J. (2002). Status of detainees in international armed conflict, and their protection in the course of criminal proceedings. Web.
Dubay, C. A., (2011). General principles of international law. Washington, D.C.: International Judicial Monitor Academy.
Franklin, F. (2011). International intellectual property law. Web.