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

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.

international economic law, international trade, globalization, international rules-principles, international commercial contract, codified law