Lonely planet around the world for With the exception of the last-mentioned, these institutions have very limited power and resources. Trade law. The NAFTA treaty creates regional trade law and institutions to implement it. In addition to material norms relating to the freedom of commerce, the treaty also instituted procedural guarantees, particularly recourse to international arbitration panels (one of which is the International Center for the Settlement of Investment Disputes”ICSID) the rulings of which cannot be appealed in any national courts. One of the disputed legal issues is that of the direct effects of NAFTA in domestic law. Mexican and U.S. Lonely planet around the world 2016.