Transnational trade law as a form of normative self-regulation

Authors

DOI:

https://doi.org/10.31617/zt.knute.2020(108)04

Keywords:

transnational trade law, Lex mercatoria, self-regulation of economic activity, norm of self-regulation, custom of trade, e-commerce, precedent.

Abstract

Background. The modern world is a world of alternatives. Such alternatives arise both for certain procedural and substantive rules and for substantive law.
Analysis of recent research and publications. The aspect of Lex mercatoria research through the lens of self-regulation of economic activity remains insufficiently studied.
The aim of the study is to identify the features of transnational trade law (Lex mercatoria) as a form of self-regulation of economic activity.
Materials and methods. General and special methods of knowledge of legal phenomena and processes are used. The main methods used in the work were: dialectical, systematic approach, formal-logical, generalization, comparative law, synergistic. Information base of the research – Principles of international commercial treaties of UNIDROU, Incoterms Rules, Code of Principles, Rules and Requirements of Lex mercatoria CENTRAL, works of domestic and foreign scientists.
Results. Lex mercatoria is an element of the soft law system that has its own peculiarity different from other sources of this system because it is formed taking into account the advantages and disadvantages of international trade.
Today, Lex mercatoria is a globalized system of norms of self-regulation (customs of trade), which is codified at the level of well-known international governmental and non-governmental organizations, research institutes. Lex mercatoria has an important sign of autonomy (it is developed, accepted, codified by a specific community that professionally organizes and organizes international trade). Business entities can choose and choose to apply a self-regulation rule in the form of Lex mercatoria. This is an opportunity to realize the potential of self-regulation. In this case, self-regulatory norms from potentially soft become binding on the parties that have chosen them.
Conclusion. In many cases, when dealing with commercial disputes with a foreign element, Lex mercatoria is used as a regulatory tool for self-regulation. In this case, there is acombination of two means of self-regulation: institutional and regulatory. To date, e-commerce is a source of change in transnational trade law, which is developed and implemented by the entities themselves, that is, international trade participants who are self-regulatory entities. The peculiarity of the new Lex mercatoria is its creation by precedent.

Author Biography

Olena HONCHARENKO, Kyiv National University of Trade and Economics

Candidate of Juridical Sciences, Associate Professor,
Associate Professor at the Department
of International Private, Commercial and Civil Law

References

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Published

2020-02-17

How to Cite

[1]
HONCHARENKO О. 2020. Transnational trade law as a form of normative self-regulation. Foreign trade: economics, finance, law. 108, 1 (Feb. 2020), 32–42. DOI:https://doi.org/10.31617/zt.knute.2020(108)04.

Issue

Section

INTERNATIONAL CIVIL LAW