Legal analysis of maritime piracy and its impact on international trade: challenges and prospects.

Abstract

In today modern era the International Trade is under the threat of Maritime Piracy. This piracy has negative impact on the international trade which is hurdle for globalization and also a big hurdle especially for developing countries to have access to international markets. The act of maritime piracy is known as international crime around the world and therefore upon this act, there is a universal jurisdiction. In this modern era the act of piracy is creating an alarming situation on and off because the huge transition of the world trade is based at sea and inflation in the cases of piracy has gained the attention of all those stakeholders who are attached with the international trade. This research reflects the hazardous impact of maritime piracy on global economic development that how this menace affects the smooth transition of huge trade through sea at the international level i.e. across the borders. The study would also reveal that how the piracy was started in the ancient time and what were major purposes behind this act. How the era of Dark Ages (piracy for food) was converted into golden era of piracy (legalized piracy) and finally how efforts are adopting and applying to revoke and suspend the act of Piracy by the world’s developed countries. In this regard thoroughly deliberation would disclose the main objects of Piracy that how and why it was started and why it needs to be suspended. In this research, different research methodologies / approaches have been adopted and applied in order to give comprehensive detail and also conclude the article with a good way forward, apart from this, valid suggestions for the benefit of the states and general public as well, who are performing active role in the international trade are also part of this study/research.