International Trade Law Assignment Example | Topics and Well Written Essays - 2250 words

International Trade Law - Assignment Example The hunting of seals in Canada in the adjoining waters of the Arctic Ocean is believed to have begun in the 16th century. Seal hunting for commercial purposes grew into an important trade in the 1980s decade in Canada. This mainly includes the Inuit group of people, the residents of Atlantic Canada and also North Canada. The United Nations in its Declaration on the â€Å"Rights of Indigenous Peoples† has recognized this seal hunting practice as a means of livelihood for the Canadian residents. According to an estimate in 2005, about 329,829 harp seals were killed by the indigenous people of Atlantic Canada and Quebec. They also produced $ 15.43 million worth of â€Å"exports of identifiable seal products†. The extent and importance of the seal hunting trade in Canada renders it very difficult for the Canadian authorities to pronounce an end to this practice. The European Union bans Seal Products Canada was supposed to attend a summit meeting with the European Union to discuss further prospects of trade between the two countries and open up new markets. On 16 September 2009, the European Parliament and the European Communities declared a Regulation (EC) No. 1007/2009 stating a prohibition in the import and sale of all seal products manufactured from the commercial hunting of seals.... eal hunts carried out in a traditional practice by the Inuits and other indigenous communities and byproducts from similar regulated hunts, would be allowed to trade in the European Union.2 The Canadian Government expressed its disappointment on the development and vowed to take the issue to the World Trade Organization (WTO).3 Canada was of the opinion that in the case the EU imposed a restriction on seal products made out of commercial hunting, the country should be exempted from it since Canada followed strict guidelines to ensure that the seal hunting methods in the country were humane and were sustainable in the long run. The Effects of Such a Regulation According to the European Commission, the trade exchanges between Canada and the European Union are worth around EUR 70 billion or $ 93 billion in a single year. If the Canada and the European Union agreed to expand their bilateral trade, this could generate an additional trade exchange worth EUR 20 billion. However, the EU Regu lation regarding the prohibition of the import and sale of seal related products from commercial hunting, in the EU markets could have serious implications for the bilateral trade between the two countries. Once the Regulation (EC) No. 1007/2009 comes into effect, the value of seal products imported by the EU from Canada will decrease drastically, as then only the seal products made out of legitimate hunting methods will only be permissible to enter the EU market. Therefore, Canada will be compelled to turn to other countries of the world for the export of its seal products, following the decline of the EU as one of its important importers in this trade 4 Canada’s Arguments On 2 November, 2009, Canada expressed its desire to engage in a consultation with the European Communities regarding