Formulating agencies: Working methods and cooperation between contemporary subjects of harmonization of International trade law

Abstract

Institutions in the form of so called formulating agencies have greatly contributed to the harmonization of international trade law. Their efforts in finding common principles in different national trade laws are all in the service of providing international trade flow, increased law certainty and prevention of legal disputes. To achieve those goals, formulating agencies use different normative methods, both traditional (hard law) and alternative (soft law) sources. However, imprecise allocation of jurisdiction between these international organisations leads to unreasonable wastage of intellectual and financial capacities, but also to a serious problem of doubling legal acts with purpose of regulating the same questions at the international level. Influence of formulating agencies on modern normative processes is steadily growing, yet still there are steps to be taken in terms of clear coordination and separation of their activities.

Keywords

• formulating agencies
• harmonization of law
• international trade law
• soft law
• hard law