COMPARATIVE ANALYSIS OF INDIAN & INTERNATIONAL TRADE LAWS

Trade laws play a vital role in regulating the exchange of goods and services between countries and shaping global economic relations. In a globalised world, no country can function in isolation, and India, as a rapidly growing economy, follows a trade law framework that balances domestic priorities with international obligations. This paper presents a comparative analysis of Indian trade laws and international trade laws, focusing on their sources, principles, implementation mechanisms, and contemporary challenges. Indian trade laws are mainly governed by statutes such as the Foreign Trade (Development and Regulation) Act, 1992, the Customs Act, 1962, the SEZ Act, 2005, and the Customs Tariff Act, 1975. These laws aim to promote exports, regulate imports, protect domestic industries, and ensure compliance with global standards. India's trade policy is implemented through agencies like the Directorate General of Foreign Trade (DGFT) and follows World Trade Organization (WTO) commitments while retaining flexibility to meet national economic goals. International trade law, on the other hand, is largely governed by the WTO framework, including agreements such as GATT, GATS, and TRIPS. It is based on key principles like Most Favoured Nation, National Treatment, and prohibition of quantitative restrictions, which promote non-discrimination, free trade, and predictability. WTO rules are binding and enforced through a formal dispute settlement mechanism, making them more rigid compared to national trade policies. The paper compares India's Foreign Trade Policy, 2023 with WTO rules, highlighting differences in flexibility, export incentives, and enforcement. While India follows WTO-compliant measures such as tax refunds instead of export subsidies, it adopts a more practical and export-friendly approach, especially for MSMEs. The study also examines current challenges such as rising tariffs, global competition, infrastructure gaps, and intellectual property disputes. It con...