Critically Consider the Importance of Public International Law to Essay

Critically Consider the Importance of Public International Law to International Business - Essay Example The universal international laws are those laws which govern the relations of one State with all the States in international arena however; particular international law may only be governing the relationships and conducts of one State with another State. (Bederman, 2002) At a larger scale, public international law governs the relationships of the States with each other and plays critical role in authoring treaties and formal agreements between the States. However, if States agree with each other, the overall scope of the law can also be extended to the individual persons and organizations. What is however, critical to note that in public international law, the political and legal elements are closely intertwined with each other hence the overall implications of the public international law can be significant for the nations. (Aust, 2010) The most important issue which has remained the cause of debate is whether States should only be the subjects of international law or should other s ubjects be also brought under its ambit. Public International law and International Business The debate on increasing the scope of international law beyond States therefore outlines that the international business firms, intergovernmental organizations and other relevant bodies should also be brought under the scope. It is because of this reason that Public international law is now applicable on the individuals, relationships as well as transactions which take place across the borders. International law not only governs the use of common resources of the world but also provides framework for managing the transnational problems faced by the international business firms. (Shaw, 2003) The advent of globalization as well as the spread of the communication technologies also necessitated the... This essay approves that public international law governs the domain of States and their relationship with each other however, over the period of time, its scope and application has increased. The subjects of international law are not now just limited to States and how their relationships are governed however; international organizations are also increasingly coming under the ambit of this law and are greatly affected by the international law. This paper makes a conclusion that one of the key elements of international law is that it governs the bilateral agreements between the States. Bilateral agreements however, also provide required level of protection to the international firms in terms of getting protection of their investment. Foreign direct investment is one of the ways through which international firms make entry into the international markets. However, without bilateral agreements between the States, it may be difficult for international firms to take advantage of such opportunities. International law also can provide a very safe conduit to the international firms for settling their disputes with their host countries. Dispute settlement as well as the settlement of the international financing can be effectively done with the help of international law. Another important significance of international law for the international firms protection provided to their intellectual property. International law can also provid e support to the international firms in dealing with issues like child labor, unfair labor practices as well as human rights issues.