Laws regarding cross-border trade could soon be devolved to the European Union. Author: Joe Elvin
Laws regarding cross-border trade could soon be devolved to the European Union.
The European Commission will discuss introducing one set of cross-border trade laws across all of its member states in a meeting next week.
The Commission has claimed that fear of stepping into an unknown legal regime is one of the major deterrents currently preventing the growth of international e-commerce. Its research also shows that consumers are put off by having to hire different lawyers to debug these regimes.
It is for these reasons it believes that devolving the law will encourage more people to use online payment services from foreign websites.
British Liberal Democrat MEP Diana Wallis argued that the idea would be highly beneficial to global trade in the right circumstances.
Speaking to euractiv.com, she said: “In difficult economic times, the Optional Instrument in European Contract Law is a real example of justice for growth.
“Of course it has to be the right option instrument. In this case ‘right’ means a high level of consumer protection, an easy and user-friendly systems for SMEs and most importantly no adverse effects on national law.”
Out-law.com reports the European Commission would like at least 20 per cent of the EU population to be shopping on international websites by 2015. It will reportedly also discuss plans to solve legal disputes involving cross-border trade online, rather than in court.