Business. Any enterprise carrying on business of a general, institutional, or commercial, or industrial nature. Any sort of undertaking which obtains profit by the sale of goods, material goods or services, or the production of surplus value added to the revenue. Any corporation that derives its revenue wholly or in part from the sale of its tangible assets or its income from the use of its immovable assets, and that also derives profit from the employment or the sale of rents or other unvalued retained capital. The term ‘commerce’ is used to refer to the conducting of trade by people engaged in commerce or buying and selling goods, manufactured goods or services.

There are various categories under which we can distinguish various enterprises carrying on commerce or otherwise. These are: corporations; partnerships; associations; joint ventures; employees; representatives; and agencies. International trade and the operation of agencies are also included under the term ‘commerce’. But what is international trade? International trade involves the movement of goods, materials, capital, and labor from one country to another, either by the government or by private individuals, institutions, companies, and other bodies participating in the international exchange of goods.

The practice of international trade and the need for an internationally harmonized system of economic activity prompted the formation of different institutions to serve this purpose. The most famous ones are the World Trade Organization (WTO), the North American Trade Association (NAATA), the European Union (EU), and the World Intellectual Property Organization (WIPO). All these organizations have their own legal system and procedures for carrying on international trade. But they all have one thing in common, namely a separate legal entity, a country, or countries, which are allowed to engage in international trade by virtue of their nationality and the laws and privileges conferred upon them by the governments of their countries.