Modern trends in the legal regulation of international trade as the institute of international economic law

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Abstract


In the context of globalization, the creation of a single economic space is Lex mercatoria as codified transnational law provides the necessary regulation of international trade operations, removing certain contradiction international nature of such operations and their regulation by national law, and eliminates the transaction costs associated with the application of national law to transnational trade relations that may hinder the development of the global market.

A A Mamedov

Peoples’ Friendship University of Russia

Email: profit33@mail.ru
The Department of Administrative and Financial Law

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