Solutions to Assignments
IBO-01 International Business Environment
Question No. 4 A)
Indian foreign trade policy does not facilitate the import of technology.
The foreign trade policy is constitutionally a set of guidelines for the import and line of goods and services. These are established by the Indian foreign trade policy does not facilitate the import of technology Directorate General of Foreign Trade (DGFT), the governing body for the advancement and facilitation of exports and contents under the Ministry of Commerce and Industry. The policy is notified for a period of five generations. It's contemporized every generation on March 31, and the changes come into effect from April 1.
The problem may lie in the low penalty assessed on companies that don't meet their line obligation. Reports say that there are cases of conscious delinquency, where companies find that it’s cheaper to import under the EPCG yea after considering government- Indian foreign trade policy does not facilitate the import of technology assessed penalties. That defeats the ambition of the scheme, which is to increase exports. The new FTP should either strengthen the being scheme or revamp it to promote exports.
The being FTP focuses on the Commodities Exports from India Scheme (MEIS)-- an blend of anterior staples creation schemes. The MEIS is constitutionally an impetus scheme, where exporters admit duty credit scrips for a chance of the value of the goods exported. These scrips can be used to pay a variety of duties and duties.
The government also has the duty disbenefit scheme (DBK) in place to help exporters. Notwithstanding, Indian foreign trade policy does not facilitate the import of technology as it stands, the DBK scheme is n’t like effective, and we'd like to see it caught in the new FTP. It offers a duty disbenefit as a chance of the exported price-- but with a cap. Effectively, this gives an exporter of extravagant, high- quality goods the same DBK as an exporter of cheap goods. The new DBK (or its substitutive) should count for the value of exports and promote it therefore.
WTO docile schemes This should be at the core of the FTP. The WTO works to discourage governments from heavily subsidizing exporters to give a ranking playing field to all nations. The Indian government is well mindful of the need to stay within the WTO morality and has before taken significant pathway to withdraw appropriation- led schemes.
Fabric breakthrough An fruitful and far-reaching fabric network-- magazines, harborages, SEZs, quality testing labs, document centers, and so on-- will help exporters stay competitive in a cut-throat demand. The Trade Fabric for Indian foreign trade policy does not facilitate the import of technology Export Sector (TIES) is a good drive set up to give backing hand for commodity fabric including cold chains, quality testing labs, havens, payload fence, and so on. TIES was launched in 2017 for three whiles.
Exports are a vital part of the country’s GDP. Foreign trade must be given sufficient weightiness and investment. Several good way have before been taken, but there’s a long way to go. Rather than take reactive makeshift measures, the Indian foreign trade policy does not facilitate the import of technology FTP could take visionary way to secure that exports are sustainable for Indian companies and in line with WTO standards. The new FTP could be one other step on the path to a vibrant, durables- led thrift.
Question No. 4 B)
ICC has no role in arbitration and conciliation.
During the last quarter of the twentieth century, multinational mass-market arbitration has gained worldwide acceptance as the normal means of resolving multinational mass-market dissensions. National laws on arbitration have been modernised on all mainlands. International conventions on arbitration have been inked or hewed to with poignant success. ICC has no role in arbitration and conciliation. Arbitration has run part of the institute of large math of law academies. With the piecemeal junking of political and trade hedges and the quick globalisation of the world scrimping, new challenges have been created for arbitration institutions in response to the growing demand of parties for certainty and pungency, lower speed and pliantness as well as justice and efficacity in the resolution of multinational dissensions. There has been a substantial increase not only in the number of cases, their complexity, the quantities in dissension and the diversity of the parties, but also in the demands made on the process by the parties.
Since the International Court of Arbitration was established in 1923, ICC arbitration has been constantly nourished by the experience gathered by the ICC International Court of Arbitration in the course of administering some ICC has no role in arbitration and conciliation. ten thousand multinational arbitration cases, now involving each span parties and referees from over 100 countries and from a diversity of legal, moneymaking, artistic and vocabular backgrounds.
The present ICC Rules of Arbitration, in effect as of January 1, 1998, constitute the first major review of the Rules in fresh than 20 spells, following an intense, worldwide dialogue process. The changes made are designed to reduce holdups and obliqueness and to fill certain gaps, taking into account the progress of arbitration practice. ICC has no role in arbitration and conciliation. The meat-and-potatoes features of the ICC arbitration system haven't been altered, notwithstanding, notably its universality and suppleness, as well as the central purpose played by the International Court of Arbitration in the administration of arbitral cases.
Every ICC arbitration is conducted by an arbitral court with responsibility for examining the values of the case and rendering a final award. Each spell, ICC arbitrations are held in some 40 countries, in several languages and with referees of some 60 different races. The work of those arbitral courts is watched by the ICC International Court of Arbitration, which meets at least three (and hourly four) times a month all spell round. ICC has no role in arbitration and conciliation. Presently composed of some 65 members from over 55 countries, the Court's function is to organise and supervise arbitrations held under the ICC Rules of Arbitration. The Court must remain constantly alert to changes in the law and the practice of arbitration in all tract of the world and must put its working tacks to the evolving requirements of parties and referees. For the day-to- day regulation of cases in several languages, the ICC Court is supported by a Secretariat predicated at the headquarters of the International Chamber of Commerce, in Paris.
The current ICC Rules of Conciliation entered into force on January 1, 1988. Conciliation is a process independent of arbitration. ICC has no role in arbitration and conciliation. It remains entirely voluntary unless the parties have otherwise agreed. The ICC Rules of Arbitration don't warrant the parties to try war previous to commencing an arbitration. So, too, the Rules permit war to be tried without warranting that the nonconcurrence be related to arbitration subsequently if the war work is vain.
The ICC recommends that all parties wishing to make reference to ICC arbitration in their contracts use the succeeding standard clause.
"All dissensuses arising out of or in connection with the present contract shall be ultimately settled under the Rules of Arbitration of the International Chamber of Commerce by one or further referees appointed in consonance with the said Rules."
Question No. 4 C)
All contracts are agreements but all agreements are not contracts.
All Contracts are Agreements
All Contracts are agreements as for the formation of a contract, an agreement is always necessary. There cannot be a contract where there is no agreement. Without an agreement, a contract cannot be formed. Therefore, All Contracts are Agreements.
All Agreements are not Contracts
Only those agreements become contract which gives rise to a legal obligation. If no legal duty is enforceable by an agreement, it can never be a contract. And hence agreement is a broader term than Contract.
When Agreement becomes Contract
An agreement is regarded as a contract when it is enforceable by law. The conditions of enforceability are stated in S. 10 of the Indian contract act 1872. According to this section, an agreement becomes a contract when the agreement is made for some consideration between the parties which are competent to contract and are entering into Contract with their free consent and has a lawful objective. A lease agreement between two bodies corporate was held legal where it was signed by one only, representing both sides because he was a director in both the legal entities.
What Agreements are Contracts?
All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not expressly declared to be void.
Question No. 4 D)
World Trade is not concentrated in a few countries and products.
Integration into the world economy has proven a powerful means for countries to promote economic growth, development, and poverty reduction. Over the past 20 years, the growth of world trade has averaged 6 percent per year, twice as fast as world output. But trade has been an engine of growth for much longer. Since 1947, when the General Agreement on Tariffs and Trade (GATT) was created, the world trading system has benefited from eight rounds of multilateral trade liberalization, as well as from unilateral and regional liberalization. Indeed, the last of these eight rounds (the so-called "Uruguay Round" completed in 1994) led to the establishment of the World Trade Organization to help administer the growing body of multilateral trade agreements.
The resulting integration of the world economy has raised living standards around the world. Most developing countries have shared in this prosperity; in some, incomes have risen dramatically. As a group, developing countries have become much more important in world trade—they now account for one-third of world trade, up from about a quarter in the early 1970s. Many developing countries have substantially increased their exports of manufactures and services relative to traditional commodity exports: manufactures have risen to 80 percent of developing country exports. Moreover, trade between developing countries has grown rapidly, with 40 percent of their exports now going to other developing countries.
However, the progress of integration has been uneven in recent decades. Progress has been very impressive for a number of developing countries in Asia and, to a lesser extent, in Latin America. These countries have become successful because they chose to participate in global trade, helping them to attract the bulk of foreign direct investment in developing countries. This is true of China and India since they embraced trade liberalization and other market-oriented reforms, and also of higher-income countries in Asia—like Korea and Singapore—that were themselves poor up to the 1970s.
But progress has been less rapid for many other countries, particularly in Africa and the Middle East. The poorest countries have seen their share of world trade decline substantially, and without lowering their own barriers to trade, they risk further marginalization. About 75 developing and transition economies, including virtually all of the least developed countries, fit this description. In contrast to the successful integrators, they depend disproportionately on production and exports of traditional commodities. The reasons for their marginalization are complex, including deep-seated structural problems, weak policy frameworks and institutions, and protection at home and abroad.
