Electronic Commerce is the new type of business transaction, which sells and advertises the products and services by using the Internet, which is used by more than 500,000,000 people in the worldwide and is spread rapidly to the world. There are no limitations in cyberspace, for example, time, space, and country boundary because every business can be processed in this cyberspace. The use of modern means of communication such as electronic mail and electronic data interchange for the conduct of international trade transactions has been increasing rapidly and is expected to develop further as technical supports such as information highways and the Internet become more widely accessible. However, the communication of legally significant information in the form of paperless messages may be hindered by legal obstacles to the use of such messages, or by uncertainty as to their legal effect or validity. This obstacles pose many difficulties for conducting EC through Internet. The purpose of this thesis is to suggest several issues to be taken into consideration in conducting EC in near future. For this purpose, the article will first take up subjects of what is the present state of EC, what are the legal issues emerging therefrom.

Under the CISG, there is a unequitable factor in comparing buyer's remedy with seller's remedy. In my opinion, CISG is more unequitable remedy clause than UCC or UNIDROIT principle of International Commercial Contract(1994) between seller and buyer. First, buyer who accepted defect goods must give seller notice the facts that seller delivered defect goods in two years after accepting defect goods. The cap of two year is unreasonable in a position of aggrieved buyer. This is being provided as 'within reasonable time' in UCC and there is no such provision in UNIDROIT Principle. Second, Buyer can avoid contract when seller breached fundamentally contract or seller didn't set a additional performance period about breaching of contract. Accordingly if buyer would not set a additional performance period, although seller's breachment of contract, he could not avoid the contract. Therefore, From a viewpoint of aggrieved buyer avoidable right of contract is restrainted. Third, to compare seller's remedy with buyer's, seller have more opportunity to cure breachment of contract than buyer. Under the CISG buyer is relatively placed at disadvantage in remedy of aggrieved party. In connection with remedy of aggrieved party, 'UNIDROIT principle of international commercial contracts' instead seller and buyer of aggrieved party, so there is not unequitable factor in remedy of aggrieved parties.

During the past few decades, we have witnessed three approaches to overcome the legal disparities between trading countries: - determining the individual governing law in accordance with the conflict of laws principle; - unifying and harmonizing private international law into uniform rules and substantive laws under the auspices of ICC, UNCITRAL, UNIDROIT and various NGOs ; and - drafting model laws like the UNCITRAL Model Law on Electronic Commerce and promoting member countries to enact them. Against this backdrop, the United Nations Convention on Contracts for the International Sale of Goods (CISG) and the process by which it was adopted, established the benchmark for the unification of commercial law. The CISG, completed in 1980, merged civil and common law concepts and came into force in 1988 after a certain number of countries endorsed the treaty. Besides the CISG, the U.N. Limitations Convention and the UNIDROIT Principles of International Commercial Law, to name a few, have attempted to set cross-border legal norms and standards in the international business transactions. However, since the advent of computer-based commerce, there have emerged all-out efforts to establish uniform rules before national legal systems have been developed. As a consequence, the Model Law on Electronic Commerce has become a specimen legislation covering functional equivalents of paper-based writing and signature. For the credit enhancement exemplified by the Uniform Rules for Demand Guarantees (ICC Publication No.458), the UNCITRAL prepared the U.N. Convention on Independent Guarantees and Stand-by Letters of Credit, which was adopted by the U.N. General Assembly in 1995 but remains still not effective as only two countries have ratified this treaty so far. In this connection, two draft conventions underway at UNIDROIT and UNCITRAL deserve our attention as the probability of unification in the Korean Peninsula is mounting. They are to create security interests for commercial finance in moveable equipment and accounts receivable. The UCC-type security rights are regarded to be useful to enable the North Koreans with limited properties to borrow from the banks.

To the extent that CISG and UNIDROIT Principles address the same issues, the rules laid down in the latter are normally taken either literally or at least in substance from the corresponding provisions of the former. Nevertheless, we may find cases where the latter depart from the former. The purpose of this paper is comparison of the two instruments, especially in part of contract formation. The result of this paper shows the fact that in the chapter of UNIDROIT Principles on formation provisions are included on the manner in which requirements that an offer and an acceptance must meet are more comprehensive, and in result a contract may be concluded more easily.

The technology transfer agreements, which transfer technology from industrialized countries to developing countries, are subjected to control and restrictions in many developing countries in order to protect national interests. The licensors endeavour, therefore, to ensure that their activities fit satisfactorily into the technological policies and plans of the host countries, and contribute to the development of national scientific and technological potential, including the establishment and improvement in host countries of their capacity to innovate. Secondly, the licensors adopt in the course of their business activities practices which permit the rapid diffusion of technologies with due regard to the protection of industrial and intellectual property rights. Thirdly, the licensors endeavour to grant licenses for the use of industrial property rights or to otherwise transfer technology on reasonable terms and conditions.

The international sale transaction is in essence a sale of goods and presents all those commercial and legal problems in any sale of goods. As a result, A International sales contract imposes several duties on the parties : the seller must deliver the goods and transfer ownership in them, while the buyer must pay the price and take delivery of the goods. However, there are several problems which impede a active transaction between seller and buyer who have their places of business in other countries each other. Therefore, It is necessary to provide the concept on the conformity of goods in the Int'l Sale of Goods. Especially, In our consideration for the point of time when defects occurs, the existence of non-conformity of goods should be judged on the basis of time of delivery rather than time of contract. Moreover, The burden of proof about nonconformity of goods is another fact which make an international dispute between the contractual parties in an international trade. Thus, The consistency in the interpretation of law must be maintained betweened the warranty and seller's liability. In the Uniform Commercial Code and UN Convention, non-conformity of contract is made of contract liability. And in our civil and commercial law provisions of warranty should be understand as the special ones of the provisions of general non-performance of obligation liability. As a result, More concrete study of them is required because they may have a great influence especially on international trade. As a result, We should be our best in finding a helpful and systematic structure that the dualistic structure of nonperformance of obligation liability and warranty liability must be unified by studying the theories of English and American warranty and our legal system, as well as international practice and usage being used in an international trade.

The CISG entrusts many problems to trade or practice : for example the problems which can't be compromised between civil law system and common law system ; the problems in which the application of usage or practice in universal ; the problems of rapid change according to trade circumstance. The purpose of this paper is to confirm whether the CISG is accomodating the usage or practice in its Text, and to find which topic is most closely related to usage or practice in CISG. The Article 9 in the CISG is a provision of usages or practices applicable to contract. But the problems of the CISG in the accomodation of usages or practices are that it lacks the definitions of ‘usage’ and ‘practices’, the CISG is not concerned with the validity of any usage according to Article 4, and the application of usage or practice may differ in litigation and arbitration The topics such as delivery of goods, payment of price and the transfer of risk are most closely related to usages and practices. The delivery of goods and the transfer of risk are determined by the trade terms like FOB or CIF. But the method of identification and the risk for the sale of goods in transit can't be determined by the trade terms in INCOTERMS(1990). So the CISG may serve as complementing role. In payment of price, the trade term does not refer to the time and place of payment. So the CISG may be the basis of interpretation. Likewise the usages and practices such as trade terms, UCP and so on, can be expected to play a significant role in complementing and interpreting the CISG.

This article is focused on the review of price reduction and measuring damages under the CISG together with the law relating to sale of goods in main countries when the goods delivered did not conform with the contract. And also reviewed on the election of remedies for the aggrieved party, that is, which one between the two remedies would provide more compensation for the non-conformity. This article can be summarized as below. 1. Price reduction has its principal significance when the buyer accepts non-conforming goods and plays important role only when the seller is not liable for the non-conformity because the same price reduction formula applies for all circumstances. Of course, the buyer must bear any further damages, such as shutdown expenses and other consequential damages. 2. If the seller is liable for the damages and the price level rises, the buyer normally will claim damages since this approach is much more favorable result than price reduction. 3. In case the seller is liable for the damages and the buyer suffers no consequential damages, if the price level falls, price reduction would provide more compensation for the non-conformity than would damages and if there is no change in the market level, the allowance for defects in the goods will be normally the same under the price reduction and damages. By the way, In case the seller is liable for the damages and the buyer suffers consequential damages, it is desired that the buyer firstly elect the price reduction and later seeks to claim for consequential losses when the price level falls and unchanged.

In this Article the writer introduces the origin and preparation of "the UNIDROIT Principles of International Commercial Contracts". In May 1994 the Governing Council of the UNIDROIT gave its formal imprimatur to the UNIDROIT Principles and recommended their widest possible distribution in practice. After brief discussion of the establishment procedure of the UNIDROIT Principles the writer discusses the legal nature of the Principles as an international restatement of contract law. The UNIDROIT Principles has more flexibility than international convention. But it has deficit in the sense of legal stability. Also the scope of application of the Principles was discussed. It can be applied only to the international commercial contracts. It includes two basic principles in it's application, i. e. "commercial contracts" and "international contracts". For the rest of the Article the writer concentrates on the contents of the Principles and the basic ideas underlying the Principles from the point of view of the comparision between the UNIDROIT Principles and "the UN Convention on the International Sale of Goods" (CISG). The UNIDROIT Principles are only restatements and the CISG is an international convention. The application of the CISG is obligatory due to its nature as an international convention. In the contrary the possibility of the application of the UNIDROIT Principles is more flexible. The UNIDROIT Principles is a more comprehensive instrument than CISG. Therefore it can be applied to all kinds of international commercial contracts. In the contrary the CISG can be applied only to international sales contract. Since CISG only deals with contracts for the sale of goods, and the scope of the UNIDROIT Principles is much wider, no overlap can occur where contracts other than sales contracts are concerned. Rather the UNIDROIT Principles can supplement the CISG and the CISG also can be criteria in interpreting the UNIDROIT Principles. As the conclusion the writer summarizes the meanings of the UNIDROIT Principles and presupposed the futur perspectives of the Principles.

CISG articles 34 and 37 clearly allow the seller to cure any nonconformity in documents of sale or performance prior to the date for delivery if it does not cause the buyer unreasonable inconvenience or unreasonable expense. CISG article 48 allows a seller to cure the performance even after the date for delivery if it does not cause the buyer unreasonable delay, unreasonable inconvenience or unreasonable uncertainty of reimbursement by the seller of expenses advanced by the buyer. The wording any failure to perform is broad enough to include a delay. The seller's right to cure relates to all his obligations. The seller may remedy 'any failure to perform his obligations'. This language is broad enough to include a defect in documents. In some cases the fact that the seller is able and willing to remedy the non-conformity of the goods without inconvenience to the buyer, may mean that there would be no fundamental breach unless the seller failed to remedy the non-conformity within an appropriate time. It cannot generally be said what unreasonable inconvenience means. This can only be decided on a case-by-case basis. The seller must bear the costs involved in remedying a failure to perform. The curing of a failure to perform may have influence on the amount of the damage claimed. Insofar as the seller has the right to cure, the buyer is in that case obliged to accept the cure. If he refuses to do so, he can neither avoid the contract nor declare a reduction in price. This rule clearly shows the underlying concept of the CISG, to keep to the contract, if possible. Should the buyer requires delivery of substitute goods and the seller offers repair, it depends on the expense each case. The buyer must receive the request or notice by the seller. The relationship between the seller's right to cure and the buyer's right to avoid the contract is unclear. The buyer's right to avoid the contract should not nullify the seller's right to cure if the offer is reasonable. In addition, whether a breach is fundamental should be decided in the right of the seller's offer to cure.

As the CISG has been legislated for a new legal system playing roles as uniform rules which govern international sale of goods, it requires appropriate criterion of interpretation. The Convention distinguishes between two levels of interpretation. One concerns the interpretation of the rules of contract law contained in the CISG itself, and the other the interpretation of specific statements or the conduct of the individual parties to a transaction.

Insurance lawyers have been curiously uninterested in the legal aspects of the use of insurance in export sales. It is an area which shows several doubtful points and some difficulties. According to the law of international sales and commercial credits, the primary question is whether the insurance contracts and documents that are produced satisfy the requirements of the sales and the credit contracts. From the point of view of insurance law, the question is how the insurance arrangements can be made to fit those requirements. The purpose of this study is to review problems that may occur in insuring cargoes in export sales.

The objective of this paper is to identify the problems of Korean inland transportation system and suggest the improvement plan for reducing the export logistics cost. The results are as follows: (1) Expansion of logistics hub facilities : Logistics hub facilities- integrated freight terminal and ICD, etc. can shorten the empty leg and reduce the logistics cost. (2) Design for CVO(Commercial Vehicle Operations) : CVO has various functions that improve the efficiency and effectiveness of freight transportation. (3) Rationalization of freight transportation industry : In particular, the deregulation of the motor freight industry and the privatization of the railway industry induce the competition among their firms and undercut the transportation rates in the long run. (4) Use of third-party logistics : The benefits of TPL are system reliability, improved customer service, and more efficient cost performance.

This study is focused on the privity of the contract of carriage of goods by sea, so to speak, privity between B/L holder and carrier by transfer of bill of lading, privity by attornment to delivery order and conflict between bills of lading and charterparty terms. Under a CIF contract, possession of the bill of lading is equivalent to possession of the goods, and delivery of the bill of lading to the buyer or to a third party may be effective to pass the property in the goods to such person. The bill of lading is a document of title enabling the holder to obtain credit from banks before the arrival of the goods, for the transfer of the bill of lading can operate as a pledge of the goods themselves. In addition, it is by virtue of the bill of lading that the buyer or his assignee can obtain redress against the carrier for any breach of its terms and of the contract of carriage that it evidences. In other words the bill of lading creates a privity between its holder and the carrier as if the contract was made between them. The use of delivery orders in overseas sales is commen where bulk cargoes are split into more parcels than there are bills of lading, and this practice gives rise to considerable difficulties. For example, where the holder of a bill of lading transferred one of the delivery orders to the buyer who presented it to the carrier and paid the freight of the goods to which the order related, it was held that there was a contract between the buyer and the carrier under which the carrier could be made liable in repect of damage to the goods. The contract was on the same terms as that evidenced by, or contained in, the bill of lading, which was expressly incorporated by reference in the delivery order. If the transferee of the delivery order presents it and claims the goods, he may also be taken to have offered to enter into an implied contract incorporating some of the terms of the contract of carriage ; and he will, on the carrier's acceptance of that offer, not only acquire rights, but also incur liabilities under that contract. Where the terms of the charterparties conflict with those of the bills of lading, it is interpreted as below. First, goods may be shipped in a ship chartered by the shipper directly from the shipowner. In that case any bill of lading issued by the shipowner operates, as between shipowner and charterer, as a mere receipt. But if the bill of lading has been indorsed to a third party, between that third party and carrier, the bill of lading will normally be the contract of carriage. Secondly, goods may be shipped by a seller on a ship chartered by the buyer for taking delivery of the goods under the contract of sale. If the seller takes a bill of lading in his own name and to his own order, the terms of that bill of lading would govern the contractual relations between seller and carrier. Thirdly, a ship may be chartered by her owner to a charterer and then subchartered by the chaterer to a shipper, to whom a bill of lading may later be issued by the shipowner. In such a case, the bill of lading is regarded as evidencing a contract of carriage between the shipowner and cargo-owners.

Although Uniform Customs and practice for Documentary(UCP) is not a law, it applies to most documentary credits and is binding on all parties unless otherwise expressly stipulated. Besides, Uniform Commercial Code(UCC) Article 5 was codified by the United States and was adopted by every state. Moreover, the New York version of the UCC Article 5-102(4) specifically providing that the UCC does not apply to letters of credit where the parties agree to be governed by the UCP. Identical nonuniform Articles were latter added in Alabama, Arizona, and Missouri. The fact that courts in forty-six of the fifty states are bound by Article 5. Until now, Article 5 of the UCC has probably had an impact on the decisions in New York and the New York common law. Therefore, I examined a few issues on application between Article 5 of the UCC and the UCP. First, although the UCP attempt to introduce a new for examination of document by incorporating "standard practice of financial institutions" and "international banking practice", the standards for documentary compliance are not clear. The UCC attempt to rely on the matter of interpretation for the court, but the UCP would probably be interested in examining in about bank's internal practices as reflected in UCP Articles. Second, the rule for nondocumentary conditions is a useful for stand-by credit transactions under the UCC, but these conditions would probably put the bank in an even worse position in case of documentary credit transactions under the UCP. Third, the UCP does not contain any provision governing the fraud exception, but the UCC codified the fraud and forgery rules developed through American case law. Fourth, the UCP treats the issue of transfer in much more detail than the UCC does. In contract, the UCP's treatment of assignment of proceeds is brief. Finally, I suggest that the fraud exception rules should be prescribed in the UCP in order to protect the issuing bank and the applicant when an unscrupulous party attempts to defraud.

The letter of credit is quintessentially international. In the absence of international legal system, a private system based on banking practices has evolved, commanding the adherence of the international letter of credit community and providing the foundation of th reputation of this instrument. To maintain this international system, it is vital that international standard banking practice should not be subject to local interpretations that misconstrue or distort it. The UCP is a formulation of international standard banking practice. It is neither positive law nor a "contract term" in any traditional sense and its interpretation must be consonant with its character as a living repositary of international understanding in this field. As a result, the interpretation and application of specific articles of the UCP must be consistent with its evolving character and history and with the principles upon which sound letter of credit practice is predicated. This study, especially, focuses on article 13 and article 14 of the UCP500. Article 13(b) of UCP500 stipulates that banks will have a reasonable time, not to exceed seven days, to examine documents to determine whether they comply facially with the terms of the credit. The seven-day provision is not designed as a safe harbor, because the rule requires the issuer to act within a reasonable time. But, by virtue of the deletion of the preclusion rule in the document examination article in UCP500, however, seven days may evolve as something of a safe harbor, especially for banks that engage in strategic behavior. True, under UCP500 banks are supposed to examine documents within a reasonable time, but there are no consequences in UCP500 for a bank's violation of that duty. It is only in the next provision. Courts might read the preclusion more broadly than the literal reading mentioned here or might fashion a common-law preclusion rule that does not require a showing of detriment. Absent that kind of development, the change in the preclusion rule could have adverse effects on the beneficiary. The penalty, strict estoppel or strict preclusion, under UCP500 and 95UCC differs from the classic estoppel. The classic estoppel rule requires a beneficiary to show three elements. 1. conduct on the part of the issuer that leads the beneficiary to believe that nonconforming documents do conform; 2. reasonable reliance by the beneficiary; and 3. detriment from that reliance. But stict preclusion rule needs not detrimental reliance. This strict estoppel rule is quite strict, and some see it as a fitting pro-beneficiary rule to counterbalance the usually pro-issuer rule of strict compliance.

This study is to analyse the applicability of governing law in multi-party contractual relationship of letter of credit. And this study is also to suggest the limits of the possibility of applicable law in multi-party contract. The contract of letter of credit constitutes complex relationship, i.e., applicant -beneficiary, applicant-issuing bank, issuing bank-intermediary bank ect. The law applicable to letter of credit should not use a singular governing law in all credit transaction as sales contract. To solve these problems, the author analysed the law applicable to the credit under multi-party contractual relationship as follow : (1) the principle of party autonomy (2) In the absence of express agreement with regard to the law applicable to the contract, lex loci contractus, lex loci solutionis, the law intended by the parties, the law with which contract is most closely connected. Accordingly, when attempting to ascertain the law governing the credit, it should be borne in mind that the credit involves several contractual relationships. I would like to conclude as follows: 1. The contract between the applicant and the Issuing bank is to be governed by the law of the country where the contract is made, and in which the bank carries on business and has issued the credit. 2. When it comes to the beneficiary-Intermediary bank relationship the following rule is given : The liability of an intermediary bank to the seller is governed by the law the country where the intermediary bank is operating if it is acting as principal. If, however, it is acting as agent(advising bank), it will be the law of the country where his principal is situate. 3. The contract between the beneficiary and the Issuing bank is governed by the law of the country where the payment is to be performed. 4. The contract between the Issuing bank and Intermediary bank is governed by 1) the law of the issuing bank is applicable if the intermediary bank only advises the credit, 2) the law of the issuing bank is applicable but if the intermediary bank makes payment, accepts or negotiates drafts against the tender of the documents, i.e., act as the bank dffecting the payment., 3) the law of the confirming bank is applicable if the irrevocable letter of credit is confirmed by the intermediary bank

Since the end of World War II, the standby letters of credit have been used as a surety device, serving as a performance bond and guarantee in the world. In Korea, the standby letters of credit have been also being used in international transactions. But there have been a few studies on the standby letters of credit. This study is carrying out to reveal the characteristics of the standby letters of credit and the documentary letters of credit and also between the standby letters of credit and guarantees. Secondly, this study is carrying out to indicate types of practical use of standby letters of credit in international transactions, i.e. bid bonds, performance bonds, advanced payment guarantees etc.. Finally, this study is carrying out to indicate governig rules regarding standby letters of credit, i.e. URCG, URDG, UCP, UN Convention on Independent Guarantees and Standby Letters of Credit, ISP etc..

When an issuing bank issues a documentary credit, it must decide if the reimbursement will be a direct or simple or a bank-to-bank reimbursement. This decision is based on the bank that is nominated to pay, incur a deferred payment undertaking, accept drafts or negotiate. If an issuing bank decided bank-to-bank reimbursement, it must include the information in the credit instructing the nominated bank on how to obtain reimbursement. This instruction includes the name of the reimbursing bank, an indication that the reimbursement is subject to the Uniform Rules for Bank-to-Bank Reimbursements Under Documentary Credits ('URR'), ICC Publication 525 and any additional information that affects the nominated bank's ability to receive reimbursement. Until recently, reimbursements were the subject of outline regulation by Article 19 of the Uniform Customs and Practice for Documentary Credits ('UCP') and national law. Now, however, the International Chamber of Commerce has drafted URR, designed to emulate the harmonization of rules governing documentary credits achieved by the UCP. The URR are complementary to the UCP, which they are not intended to override or change. They became effective on July 1, 1996. The purpose of this study is to promote understanding on the Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits. In this paper, I studied the following subjects:(1) Bank-to-Bank Reimbursements tranaction under Documentary Credits, (2) Meaning of the URR's promulgation, (3) Analysis on the URR's Article. (1) General provisions and definitions, (2) Liabilities and responsibilities, (3) Form and notification of authorisations, amendments and claims, (4) Miscellaneous provisions.

United States has extended the extraterritorial application of U.S. Antitrust Law in 1990s. First, The U.S. Federal Supreme Court declared in Hartford Fire Insurance Co. v. California that the extraterritorial application of U.S. Antitrust Law is according to Effect Doctrine. Therefore, U.S. Antirust Division and FTC will continue to base their assertions of juridiction on the test of direct, substantial and foreseeable effects on U.S. interests. Second, U.S. Antitrust Law apply to foreign conduct that such conduct has direct, substantial and reasonably foreseeable effect on U.S. domestic or import commerce and export commerce. Third, United States has extended the extraterritorial application of U.S. Antitrust Law on international licensing contract or international merger. Forth, United States impose criminal responsbility of U.S. Antitrust Law on the foreign anticompetitive conduct. Therefore, our government and industries must consider the corresponding stratigies against the extension of the extraterritorial application of U.S. Antitrust Law.

Environmental problems such as global climate change, depletion, ocean and air pollution, and resource degradation-compounded by an expanding world population-respect no border and threaten the health, prosperity and jobs of all mankind. Our efforts to promote democracy, free trade, and stability in the world will fall short unless people have a livable environment. We have an enormous stake in the management of the world's resources. By increasing demand for timber, natural gas, coal and consumer's goods have destroyed the grounds for living. Greenhouse gas emissions anywhere in the world have threatened coastal communities, and then changed the Earth's climate system. The burning of coal, oil, and other fossil fuels is increasing substantially the concentration of heat-trapping gasses such as carbon dioxide, methane, and nitrous oxide in our air. The earth's temperature and sea levels are rising as a result. Since 1972 there has been a marked growth in the number and scope of environmental treaties. In particular, after the 1992 Rio Conference, international legal instruments became more concentrated on addressing environment within the context of sustainable development and incorporated a number of new concepts and innovative approaches. A preliminary analysis of recent conventions and in particular those associated with the Rio Conference indicates various ideas, concepts and principles which have come to the fore including sustainable development, equity, common concern of humankind, common but differentiated responsibilities and global partnership. However, international trade also has an environmental impact which must be minimized or countered. Positive measures are to be preferred to achieve environmental goals, but where trade provisions are necessary, they should be appropriately used within environmental conventions to facilitate the reduction and limitation of the negative impacts of trade and to enhance the complementarity of the multilateral trade regime with the imperatives of environmental protection, in the interests of environmental protection and sustainable development generally. The international community has to recognize and endorse this need to achieve complementarity between trade and environment issues.

Trade and the environment emerged as a major and complex issue for trade negotiators in the final stages of the Uruguay Round negotiations. The agreements and other international measures employing trade measures and trade sanctions for achieving global environmental objectives are Vienna Convention on the Protection of the Ozone Layer(1985), the Montreal Protocol on Substances that deplete the Ozone Layer(1987), The Framework Convention on Climate Change(1992), the Convention on Biological Diversity(1992), the Basel Convention on the Control of Transboundary Movement of Hazardous Waste and their Disposal(1992), the Convention on International Trade in Endangered Species of Wild Faunna and Flora(1975), the Rio Declaration, the Agenda 21, etc. The texts of the World Trade Organization(WTO) incorporated certain provisions which were designed to reflect some of the environmental concerns are Trade-Related Aspects of Intellectual Properity Rights(TRIPs), Trade-Related Investment Measures (TRIMs), the General Agreement on Trade in Services(GATS), and Technical Barriers to Trade(TBT) There is the possibility of conflict between multilateral environmental agreements and WTO agreements granting waivers against trade measures and sanctions. This remains a possibility, especially between countries which are Member of WTO and which are not Members of the relevant multilateral environment agreements, and countries which are Members of both the WTO and the relevant MEAs. Measures taken under the trade-related provisions of MEAs could potentially give rise to conflicts under obligations arising in WTO texts. If the parties in dispute are WTO members while they are not members of MEAs, the WTO provisions can be granted a certain priority in terms of international norms and vice versa. When the parties concerned are both WTO members and MEAs, it will be rational to grant the WTO provisions a priority. However, such measures should neither constitute a means of arbitrary or unjustifiable discrimination between countries where similar conditions prevail, nor create a disguised restriction on trade. Also any trade measures taken should be necessary to prevent developments in trade from endangering the effectiveness of an MEA and they should be proportional and least trade restrictive.