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MULTILATERAL ENVIRONMENTAL AGREEMENTS
¢ The disparity in the laws of various nations relating to environmental protection and increasing cross-border trade has led to many differences between them. Multilateral Environmental Agreements(MEAs) have formed under the WTO to deal with issues relating to the environment. Apart from them, a number of conventions and programmes have been conducted to ensure a clean and safe global environment.
¢ Intellectual property rights are given to those who have invented a new method or technology useful to the entire society or to those who have created an original artistic or literary work.
¢ Trade Related Intellectual Property Rights (TRIPS)are formed by the WTO to regulate issues relating to intellectual property at the international level.
¢ Intellectual property rights cover trademarks --- those marks which help customers identify a genuine product from a fake one); copy rights—(the rights given to any original literary or artistic work in tangible form); patents – (given for any new invention or innovation which is beneficial to society).
¢ License is an official sanction given by the government to import certain goods which are under the trade block.
¢ The regulations related to product promotion differ from country to country and from commodity to commodity.
¢ International marketers should thoroughly understand the norms and regulations of the foreign country before entering its market. The culture, beliefs, and language of the people should also be taken into consideration apart from the laws of the country.
¢ Similarly, regulations related to securities differ between nations.
¢ The Securities Exchange Commission (SEC) regulates all the issues related to securities in the US, while the Securities Exchange Board of India deals with all issues related to the capital and money markets in India.
¢ Similarly, the Financial Services Agency in Japan, the Federal Institution for Supervision of Financial Service in Germany, the Financial Services Authority in UK, the Securities and Futures Commission in Hong Kong etc are the regulatory authorities in their respective countries.
¢ The Sherman Antitrust Act, The Clayton Antitrust Act, and the Federal Trade Commission look into anti-competitive policies in the US. They are framed to ensure fair competition and prevent monopolistic abuses in the market. The European environment is regulated by the European Union. Among the various divisions of the EU, the European Commission acts as the executive body and plays a major role in the regulation of the European market. The failed merger of GE and Honeywell proves this point.
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