What are some of the laws that protect the U.S. business with their international transactions? Select one of the laws and discuss its implication to your business or a business that you are familiar with. Provide support for your answer.
U.S. based business that conduct global transactions have to ensure they are protected at all times. With that being said there are laws and or agreements that have been put in place to help protect many countries around the world. The North American Free Trade Agreement (NAFTA) is a treaty that allows for a free trade zone. NAFTA also eliminates/reduced duties, tariffs, quotas, and other trade barriers between Mexico, the United States, and Canada (Cheeseman, "855," 2010). Another organization is the World Trade Organization (WTO). WTO is similar to NAFTA in limiting tariffs and trade restrictions (Cheeseman, "855," 2010).
My organization has over 5,000 offices around that world so both NAFTA and WTO come in handy in all corners of the world.
Cheeseman, H.R. (2010). Business law: Legal environment, online commerce, business ethics, and international issues (7th ed.). Retrieved from https://portal.phoenix.edu/classroom/coursematerials/law_531/20121127/OSIRIS:43517180.
Discuss how an organization can use legal counsel to help mitigate its international business risks. Is it better to have counsel in the United States with offices in the region you are doing business in, or is it better to employ local attorneys in the region? Why or why not?
Based off of the Act of State Doctrine which states that judges of one country cannont question the validity of an act committed by another country’s borders (Cheeseman, "857," 2010). In my opinion it would be best to hire local attorneys in the region. Counsel from another country may not even have jurisdiction or legal right to mitigate in another country.