Vidya Shankar & Shreya Chauhan, Amity Law School, Delhi (Affiliated to Guru Gobind Singh Indraprastha University)
ABSTRACT
A crucial aspect of the globalised trading system has been the ability to trade globally, through a seamless logistic network, transferring goods across international borders, and integrating engineering and technology from many regions of the world. The present COVID-19 pandemic has and continues to wreak havoc on international trade and commerce, causing massive inefficiencies, delays, and supply-chain disruptions. Pandemics have happened in the past, and global trade has existed for millennia; nevertheless, the logistical chain has never been more efficient or complicated, and the timing of each step has never been more essential. Shippers, customs officials, ships, agents, banks, receivers, and underwriters all rely largely on the system's efficiency and capacity to promptly buy, produce, communicate, and turn around goods and papers. This is one of the areas where the pandemic has wreaked havoc. Temporary factory closures, as well as partial closures of logistic providers, ports, and port services, have resulted in supply shortages and delays in the logistical chain, compounding existing bottlenecks. All of this is obviously only transitory, but the repercussions it could have on the present way international trade operates are potentially devastating. The goal of this research study is to show how the COVID-19 epidemic has changed international trade mechanics and to identify a number of common legal and economic concerns that have arisen as a result of it. There will also be some possible suggestions from the authors' side.
KEYWORD: International Trade, Commercial contracts, Force Majeure, Non-performance, COVID-19.
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