Business Law Essay Example | Topics and Well Written Essays - 1000 words - 20

Business Law - Essay ExampleThis is quite apart from the enormous waste of a valuable resource such as oil, which the world can diabetic afford during a time of fuel scarcity.The incident invokes environmental law, because BP is a British organization whilst the major part of the environmental damage has been caused to the United States. With increasing globalization, international trade levels have alike increase and the broad objectives of the GATT General Agreement on Tariffs and Trade- have been to foster trade among countries and to reduce the ensnareions that argon obligate by individual nations in order to protect their own, narrow, regional interests. Multilateral agreements on the environment are those agreements made between various countries with the objective of preserving and protecting the environment. They whitethorn comprise two kinds of agreements (a) agreements on the conservation of the environment through measures like preventing global warming, ozone depl etion, rise in sea levels or other measures relate to the environment and (b) agreements that link trade and the environment, wherein certain measures are included to discourage trading in those commodities that may be linked to unsound environmental practices or where the materials produced may be hazardous.2Recent trends for the formulation of multi-lateral agreements to restrict trade in the interest of protection of the environment3 have received a mixed reaction from development countries. While on the one hand, these agreements are welcomed because they help to protect the fragile environment, some developing countries also perceive these agreements as barriers to trade, which will hinder their competitiveness because they are already handicapped in their advance to finance, technology and information.4 In the case of oil exploitation in particular, the potential threat to the environment