Course Solutions Uncategorized (Answered) : Is there any Law that protected 3rd world countries from having bad deals with developed countries in Countertrade? like trading

(Answered) : Is there any Law that protected 3rd world countries from having bad deals with developed countries in Countertrade? like trading

Is there any Law that protected 3rd world countries from having bad deals with developed countries in Countertrade? like trading Oil/Nautral Resources for simple food etc.. that won’t give them that good for their econemy.

Expert Answer


There is no such law and act passed in any international forum or countertrade is not any formal agreement under any international convention. WTO has mandated that counter trade is not acceptable because it constitutes a distortion of the free trade process.Countertrade cannot be done at governmental level because of interference of WTO but it can be negotiated by private parties.

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