Q1. List one example of DOMESTIC legislation that is important to be aware of when importing and exporting goods. Briefly describe the purpose of this legislation. (1.1)
In order to import industrial chemicals for commercial purposes, a person must register with the National Industrial Chemicals Notification and Assessment Scheme (NICNAS). Registration involves an annual registration fee. The purpose of this is to help protect the Australian people and the environment by assessing the risks of industrial chemicals and providing information to promote their safe use since there are many substances which have been forbidden in the country.
Q2. List one example of an INTERNATIONAL convention relating to the importing and exporting of goods. Briefly describe the purpose of this international convention. (1.1)
The Rotterdam Convention on the international trade in hazardous chemicals
The European Union regulates the export and import of chemicals and has ratified the Rotterdam Convention of 1998. The aim of the Convention is to improve the international regulation of trade in certain hazardous chemicals and pesticides in order to protect human health and the environment and to promote the environmentally sound use of such substances.
Q3. What do the following international banking acronyms stand for? (1.1)
UCP = Uniform customs and practice for documentary credits.
URC = Uniform rules for collections.
URR = Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits.
Q4. Briefly describe the difference between an international convention and a national law of a State ; indicate whether both are binding within that particular State. Deal with the situation where that country has, and alternatively has not, formally adopted the convention, and also if the convention has become part of customary international law. (1.1)
According to the Business dictionary, an international convention is a “Multilateral treaty, or the instrument negotiated...