3. International trade law
3.1 Sources of international trade law: the lex mercatoria
In the absence of a global supranational law and a supranational watchdog - even if the World Trade Organization (WTO), for example, and its dispute settlement body do exist - there are a number of rules of different kinds aimed at constituting a "law of merchants".
This is known as the lex mercatoria, generally defined as "the body of rules derived from the practice of international trade".
These are transnational or national rules, created spontaneously by the merchant community and adapted to the needs of international trade
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International trade law
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