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UNIVERSITY OF PROFESSIONAL STUDIES, ACCRA (UPSA)

FACULTY OF LAW

FIRST SEMESTER – 2019/2020 ACADEMIC YEAR

INTERNATIONAL TRADE & INVESTMENT I– GENERAL PRINCIPLES

COURSE STRUCTURE AND OUTLINE

A. COURSE DETAILS

COURSE CODE BLAW 419 CREDIT 3 LEVEL 400


HOURS

COURSE TITLE INTERNATIONAL TRADE & INVESTMENT I

ACADEMIC YEAR 2019/2020 SEMESTER FIRST

PROGRAMME LLB

B. COURSE INSTRUCTORS’ DETAILS

LECTURERS Ms. MAVIS EKUA E. KWAINOE AND Ms. GERTRUDE


AMORKOR AMARH

CONTACT Emails:mkwainoe@gmail.com/mavis.kwainoe@upsamail.edu.gh
DETAILS gertrude.amarh@upsamail.edu.gh

OFFICE FACULTY OF LAW ,UPSA


LOCATION

CONTACT HOURS By Appointment, Working days 8:00 a.m. to 4:30 p.m.

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C. COURSE DESCRIPTION
This course deals with the private and public aspects of the international trading system.
On the private aspect, it discusses topics such as International Sale of Goods, Financing
International Trade, and International Shipping Contracts. On the public side, it covers
topics such the international trading regime of the WTO, and the roles of bodies such as
the IMF, World Bank, UNCTAD, UNCITRAL and ICSID as well as the relationship
between the international legal system and domestic systems. The public aspects of the
course also considers sectoral trade law issues in goods, services, technical barriers to
trade, and environmental issues. In addition the course will review the legal vehicles
available to facilitate international dispute resolution methods for governments and
business entities. Specific attention is paid to the dispute resolution mechanisms in the
World Trade Organization, the International Centre for Settling Investor-State Disputes
and International Commercial Arbitration and the recognition of foreign awards and
judgements through the Ghanaian courts

D. COURSE OBJECTIVES:
The overall aim of the course is to enable students to critically examine the legal
operation of international trade agreements and their application and impact on
international business and trading activities.

E. LEARNING OUTCOMES:
On successful completion of this course students will be able to:
1. Demonstrate an understanding of the private and public aspects of
international trade law.
2. Understand and appreciate the multilateral regulation of international trade.
3. Provide written coherent description of the public and private aspects of
international trade law.
4. Demonstrate the ability to read and understand case law and to interpret
statutes regarding international trade law and investment, analyse and
resolve legal problems in international trade law and investment.
5. Understand the domestic and international regulation of international
investment
6. Understand the dispute resolution framework for international trade-related
disputes.

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F. OUTLINE OF LECTURES

WEEKS ONE & TWO (2)


1. Overview of the Course
2. Two parts of the course -

Part I – International Trade & Investment Law I: Covering the private aspects of
International Trade & Investment Law
(a) Aspects of the international Sale of Goods; the contract for the international sale of
goods – FOB & CIF contracts
(b) Financing the International Sale of Goods – Letters of Credit
(c) Financing the International Sale of Goods – The Law of International Wire Transfers

Part II – International Trade & Investment Law II: Covering the public aspects of
International Trade & Investment Law
(a) Introduction to International Economic Law & the regulation of International Trade
& Investment
(b) Overview, nature and structure of Regional trading systems –
(c) Overview, nature and structure of the Multilateral Regulation of World Trade – The
WTO & Domestic Implementation of WTO obligations
(d) Historical Background and Overview of The Bretton Woods System – from GATT to
the WTO - The WTO agreements: GATT 1994, TRIPs, GATS, TRIMS
(i) The tariff system
(ii) The most favoured nation clause & The national treatment principle
(iii) Developing countries – Preferential Trade Agreements
(iv)The Dispute Settlement Mechanism of the WTO

WEEKS THREE & FOUR ( 3& 4):


A. Financing International Trade - The History of Letters of Credit
B. The Sources of the law of Letters of Credit
C. What is a letter of credit? The nature of the Letter of Credit

(a) The Legal Structure of the Letter of Credit Transaction


(i) The underlying sales transaction
(ii) The letter of credit transaction

(b) Types of Letters of Credit


(i) Revolving credits
(ii) ) Transferable credits
(iii) Back-to-back credits

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(iv) Credits classified according to the method of payment
a) Sight credits
b) Deferred payment credits
c) Negotiation credits and acceptance credits
d) Standby credits
e) Anticipatory credits
D. Documents used in LC transactions
E. The stages of an LC transaction
F. Legal relationships involved in the letters of credit
Reading:
Schmithoff: The Law & Practice of International Trade
Indira Carr, International Trade Law

WEEKS FIVE & SIX (5 & 6):


(a) The autonomy principle & The Fraud Exception
Case Law:
Ward Petroleum Corp. v Federal Deposit Ins. Corp. (1990) 903 F.2d 1299
Guardrisk Insurance Company Ltd v Kentz (Pty) Ltd (94/2013) [2013] ZASCA 182
Ex Parte Sapan Trading (Pty) Ltd., [1995] 1 SA 218 (W)
Petrosaudi Oil Services (Venezuela) Ltd v. Novo Banco SA, [2017] EWCA Civ 9
Phillips & Another v Standard Bank of South Africa Ltd & Others, [1985] 3 SA 301(W)
Pillans v. Van Mierop, [1756] 97 Eng Rep 1035
Ulster Bank v. Synnott, [1871] 5 Ir.R.Eq. 595
Societe Metallurgique v. British Bank for Foreign Trade, [1922] 11 Lloyd’s Rep. 168
Bank Russo-Iran v. Gordon Woodroffe & Co Ltd., (1972) S.J. 921
Edward Owen Engineering Ltd. v. Barclays Bank (1978) 1 Q.B. 159; [1978] 1 All ER 976
(CA)
United Trading Corporation S.A. v. Allied Arab Bank Ltd. [1985] 2 Lloyd’s Rep. 554
Etablissement Esefka International Anstalt v. Central Bank of Nigeria, [1979] 1 Lloyd’s
Rep. 445
United City Merchants (Investments) Ltd v. Royal Bank of Canada, [1982] 2 All ER 720
(HL)
Discount Records Limited v. Barclays Bank Limited [1975] 1 All ER 1071
Maurice O’Meara Co v. National Park Bank, [1925] 146 N.E. 636
Sztejn v. Henry Schroeder Banking Corporation [1941] 31 NYS 2d 631
National Infrastructure Development Co Ltd v Banco Santander SA [2017] EWCA Civ 27
Guardrisk Insurance Company Ltd v Kentz (Pty) Ltd (94/2013) [2013] ZASCA 182
Discount Records Ltd v Barclays Bank Ltd and another [1975] 1 All ER 1071.
Hamzeh Malas and Sons v British Imex Industries Ltd., [1975] 1 All ER 1071)
R D Harbottle (Mercantile) Ltd v National Westminster Bank Ltd and Others [1977] 2
All ER 862 (CA)

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(b) The doctrine of strict compliance
Case Law:
Equitable Trust Company of New York v Dawson Partners Ltd [1927] 2 Lloyd’s Rep
49,52
Phillips & Another v Standard Bank of South Africa Ltd & Others, [1985] 3 SA 301(W)
J.H. Rayner Co Ltd v. Hambro’s Bank Ltd [1943] K.B. 37.
Power Curber International Ltd v. National Bank of Kuwait (1981) 1 WLR 1233,
Moralice (London) Ltd v E D & F Man [1954] 2 Lloyd’s Rep 526
Contractors Ltd v Lloyd’s Bank Ltd and another [1990] 2 Lloyd’s Rep 496,
Midland Bank Ltd. v. Seymour, [1952] 2 Lloyd's Rep.l47.
Kredietbank Antwerp v Midland Bank and others [1999] All ER (Comm) 80
Commercial Banking Co of Sydney Ltd v Jabsard Pty Ltd [1973] AC 279
Credit Agricole Indosuez v Muslim Commercial Bank [2000] 1 Lloyd’s Reports 275.
Fortis Bank v Indian Overseas Bank, [2010] 1 Lloyd’s Rep 227
Société Generale SA V Saad Trading and Another [2011] All ER 32
Swotbooks.com Ltd v Royal Bank of Scotland Plc [2011] EWHC 2025 (QB)
Soproma v. Marine and Animal Byproducts Corpn, (1966) 1 Lloyd’s Law Rep. 367,
Gian Sing & Co. v. Banque de Indochine, (I974) 1 W.L.R. 1234.
Kydon Compania Naviera S.A. v. National Westminster Bank Ltd, [1981] l Lloyd’s Rep.
68.
Beyene v. Irving Trust Co., 762 F.2d 4 (2d Cir. 1985).
Bank Melli Iran v. Barclays Bank (Dominion, Colonial and Overseas), [1951] 2 Lloyd’s
Rep 367.
Chailease Finance Corporation v. Credit Agricole Indosuez, [2000] 1 Lloyd’s Rep. 348
Hing Yip Hing Fat Co Ltd v. Daiwa Bank Ltd, [1991] 2 HKLR 35
Floating Dock Ltd. v. Hong Kong and Shangai Banking Corporation. [1986] 1 Lloyd's
Rep. 65
Courtalds North America Inc. v. North Carolina National Bank, 387 F. Supp. 92 (1975)
Chase Manhattan Bank v. Equibank, 394 F. Supp. 352 (W.D. Pa. 1975)
Bank of America National Trust & Savings Association v. Liberty National Bank and
Trust Co., 116 F. Supp., 233 (DC Okl, 1953); 218 F.2d 831 (10th Cir. 1955)
Flagship Cruises Ltd. v. New England Merchants National Banks, 569 F.2d 699 (1st Cir.
1978)

WEEK SEVEN (7 ):
INTERIM ASSESSMENT

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WEEK EIGHT (8):
A. Financing International Trade - The law of international wire transfers
B. The nature of wire transfers
C. Classification of Wire Transfers
(a) Domestic wire transfers
(b) International Wire Transfers
D. the SWIFT system
The Law Governing wire transfers
- Adaptation of the Common Law
- UNCITRAL Model Law

The structure of an International Wire Payment


(a) The Parties
(b) Obligations of the Parties
(c) Failed, Erroneous and Undelivered Transfers

Readings:
Edmund Kwaw, “Towards the creation of an international legal regime for the operation
of eurocurrency deposits,” (1994) 43 International and Comparative Law Quarterly, pp.
317-346.

WEEK NINE (9):


International Investment Law
1. Historical introduction to international investment law
2. The concept of investment and investors
3. Investment Treaties - Bilateral Investment Treaties (BITS) - Multilateral Investment
Treaties (MITS)
4. Sources of the Law on International Investment
(a) National – Ghana
(b) International
Standards of treatment in international investment law
– Most-Favoured-Nation Treatment
– National treatment
– International Minimum Standard
– Fair and Equitable Treatment
– Stabilisation Clauses
– Umbrella Clauses

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WEEK TEN (10)
5. International Investment Agreements – Important Clauses
6. Regimes for the Settlement of investment disputes
7. Expropriation

WEEK ELEVEN (11):


8. Investment and issues of sustainability – Protection of the environment and human
rights
Fortis Bank v Indian Overseas Bank, [2010] 1 Lloyd’s Rep 227
Société Generale SA V Saad Trading and Another [2011] All ER 32
Swotbooks.com Ltd v Royal Bank of Scotland Plc [2011] EWHC 2025 (QB)
Soproma v. Marine and Animal Byproducts Corpn, (1966) 1 Lloyd’s Law Rep. 367,
Gian Sing & Co. v. Banque de Indochine, (I974) 1 W.L.R. 1234.
Kydon Compania Naviera S.A. v. National Westminster Bank Ltd, [1981] l Lloyd’s Rep.
68.
Beyene v. Irving Trust Co., 762 F.2d 4 (2d Cir. 1985).
Bank Melli Iran v. Barclays Bank (Dominion, Colonial and Overseas), [1951] 2 Lloyd’s
Rep 367.
Chailease Finance Corporation v. Credit Agricole Indosuez, [2000] 1 Lloyd’s Rep. 348
Hing Yip Hing Fat Co Ltd v. Daiwa Bank Ltd, [1991] 2 HKLR 35
Floating Dock Ltd. v. Hong Kong and Shangai Banking Corporation., [1986] 1 Lloyd's
Rep. 65 Courtalds North America Inc. v. North Carolina National Bank, 387 F. Supp. 92
(1975) Chase Manhattan Bank v. Equibank, 394 F. Supp. 352 (W.D. Pa. 1975)
Bank of America National Trust & Savings Association v. Liberty National Bank and
Trust Co., 116 F. Supp., 233 (DC Okl, 1953); 218 F.2d 831 (10th Cir. 1955) Flagship
Cruises Ltd. v. New England Merchants National Banks, 569 F.2d 699 (1st Cir. 1978)

G. RECOMMENDED TEXTS:
The following recommended texts are available in the UPSA library and other law
libraries. Online articles and other materials discussing specific topics, where relevant,
are also provided below. Students are advised to consult recent editions of the texts
where they are available. This list is not exhaustive as more texts would be
recommended in the course of the semester.
i. Schmithoff: The Law & Practice of International Trade (12th Ed.), Sweet &
Maxwell: 2012
ii. Indira Carr, International Trade Law. (5th Ed.) Routledge 2014
iii. Michael Trebilcock, Robert Howse and Antonia Eliason The Regulation of
International Trade (4th Ed.) Routledge 2013
iv. Simone Schnitzer, Understanding International Trade Law, Law Matters
Publishing 2006

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v. Jason C.T Chuah, Law of International Trade: Cross-Border Commercial
Transactions (4th Ed.) Sweet & Maxwell 2009
vi. Dolzer and Schuerer, Principles of International Investment Law (PDF copy to
be provided)
vii. WTO, Understanding the WTO (To be provided)
viii. Edmund Kwaw, Trade Related Investment Measures in the Uruguay Round:
Towards a GATT for Investment (To be provided)

H. ASSESSMENT:
Assessment for this course is made up of 2 parts:
 Continuous Assessment: 40% of total assessment and shall comprise the
following elements:
o Class Attendance/Tutorial Attendance 5 Marks
o Class/Tutorial Participation 5 marks
o Sit-in Interim Exam 20 marks
o Group Presentation/Other Assignments 10 marks
 End of Semester Examinations 60 marks

I. COURSE ASSIGNMENTS INFORMATION


1. Class and tutorial attendance is compulsory. Absenteeism attracts sanctions
in the form of earned marks reduction of not less than one (1) mark per one
act of absenteeism.
2. Dress code for lectures shall be strictly enforced. Students not properly attired
shall not participate in the lectures and exam or other exercises to which the
improper dressing rules relate.
3. There shall be:
 Individual reading assignments at the end of every class, and students
shall report on the reading assignment the following week at lectures
during the first one hour (Tutorials)
 Group presentations on selected questions on days and dates to be
announced in class.
 One sit-in Interim Exam in the course of the semester during the 7th week.

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