Impact of law on India's international trade relation

The rule of law does not mean we need to carpet our business world with red tape. It sets the rules, a high level of certainty about the legal parameters of decision-making and clear consequences for unlawful actions. A weak legal system reduces contractual certainty, fuels corruption, delays and inhibits commerce, and undermines the international commercial attractiveness. A legal system that has a high respect for the rule of law draws foreign investment and international business. Living in a globalised world, the existence of standardized and harmonized commercial and international laws provides certainty and predictability for international business. India like other countries has also adopted certain laws which create an enabling environment to facilitate international trade and investment. The present paper studies and highlights the impact of law on international trade relation of Indian economy. This paper is based on Descriptive Research Methodology, which included collection of materials from secondary data sources. The paper concludes with the positive impact of law on India.