RAO KHALID INTERNATIONAL ECONOMIC LAW.pptx

International economic law based PPT

1. MOTHERHOOD UNIVERSITY ROORKEE SESSION 2021-22 Subject: INTERNATIONAL ECONOMIC LAW Submitted To: Kanika Mam assistant professor of Legal studies Submitted by: Rao Khalid Class B.a LL.b 9 th semester Roll no. 1728000027

2. Introduction International economic law: International economic law is an increasingly seminal field of international law that involves the regulation and conduct of states, international organizations, and private firms operating in the international economic arena. As such, international economic law encompasses a broad range of disciplines touching on public international law, private international law,and domestic law applicable to international business transactions.
For several decades, international economic law was most often associated with international trade, largely due to the fact that trade had developed the most mature multilateral legal institutions (e.g. The GATT and later WTO) for governing international commerce.

3. New international economic order The New International Economic Order (NIEO) is a set of proposals advocated by developing countries to end economic colonialism and dependency through a new interdependent economy.The main NIEO document recognized that the current international economic order "was established at a time when most of the developing countries did not even exist as independent states and which perpetuates inequality." In the spirit of "trade not aid," the NIEO called for changes in trade, industrialization, agricultural production, finance, and transfer of technology.The United Nations General Assembly adopted the Declaration for the Establishment of a New International Economic Order and its accompanying program of action on 1 May 1974.

4. Subjects of international economic law State :A state is responsible for direct violations of international law—e.g., the breach of a treaty or the violation of another state’s territory. ... Further, the state is internationally responsible for the private activities of persons to the extent that they are subsequently adopted by the state. Multinational enterprises: A multinational enterprise, abbreviated as MNE and sometimes also called multinational corporation (MNC), just multinational or international corporation, is an enterprise producing goods or delivering services in more than one country.
A multinational enterprise has its management headquarters in one (or rarely more than one) country, the home country, while also operating in other countries, the host countries.

5. Individual Individual, in a legal sense, is a broader term and in international law, individuals include human beings, foundations, and legal commercial enterprises. Though not all individuals have the same rights, it is considered in a broader sense. Before 1945, international law could recognize individuals as a subject but still didn’t provide rights and duties as a direct individual. In an overview, International law did not consider Individuals other than in an abstract sense for centuries and the reason was that international laws are laws between states, and individuals are the citizens of states, therefore, individuals were seen as objects rather than subjects.

6. Major economic rights of states Permanent sovereignty: The principle of permanent sovereignty gives states the right to regulate and control the activities of foreign investors through domestic legislation and policies. In general, the issues regulated encompass the admission, general standard of treatment, expropriation and regulation of compensation and dispute settlement.111 Resolutions 1803 (XVII), 2158 (XXI), and 3281 (XXIX) are the most relevant as far as regulation of foreign investment is concerned. Under Article 3 of Resolution 1803, the use of natural resources, as well as the import of foreign capital, should be in conformity with the rules and conditions which the peoples consider necessary, but once the state authorises the admission of foreign investment then that investment will be governed by the terms of authorisation, national legislation, and international law. Resolution 2158 on the other hand only makes reference to national laws and regulation with regard to exploitation of natural resources without making any reference to international law.

7. Non intervention in domestic affairs The principle of non-intervention in the internal affairs of States also signifies that a State should not otherwise intervene in a dictatorial way in the internal affairs of other States. The International Court referred in the Nicaragua case to “[t]he element of coercion, which defines, and indeed forms the very essence of, prohibited intervention” (ICJ Reports 1986. As Oppenheim’s International Law puts it, “the interference must be forcible or dictatorial, or otherwise coercive, in effect depriving the state intervened against of control over the matter in question. Interference pure and simple is not intervention” 1992. Butthe extent to which acts other than the use of force are, or should be, prohibited is uncertain. Intervention (even military intervention) with the consent, properly given, of the Government of a State is not precluded.

8. Dispute settlements in international economic law IMF: The International Monetary Fund (IMF) is an international organization that promotes global economic growth and financial stability, encourages international trade, and reduces poverty. Quotas of member countries are a key determinant of the voting power in IMF decisions. Votes comprise one vote per 100,000 special drawing right (SDR) of quota plus basic votes. SDRS are an international type of monetary reserve currency created by the IMF as a supplement to the existing money reserves of member countries.

9. WTO The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade between nations.Governments use the organization to establish, revise, and enforce the rules that govern international trade. It officially commenced operations on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, thus replacing the General Agreement on Tariffs and Trade (GATT) that had been established in 1948. The WTO is the world’s largest international economic organization, with 164 member states representing over 98% of global trade and global GDP.

10. EC(EUROPEAN COMMUNITY) The European Economic Community (EEC) was a regional organization that aimed to bring about economic integration among its member states. It was created by the Treaty of Rome of 1957.[note 1] Upon the formation of the European Union in 1993, the EEC was incorporated into the EU and renamed the European Community (EC). In 2009, the EC formally ceased to exist and its institutions were directly absorbed by the EU. This made the Union the formal successor institution of the Community The Community’s initial aim was to bring about economic integration, including a common market and customs union, among its six founding members: Belgium, France, Italy, Luxembourg, the Netherlands and West Germany. It gained a common set of institutions along with the European Coal and Steel Community (ECSC) and the European Atomic Energy Community (EURATOM) as one of the European Communities under the 1965 Merger Treaty (Treaty of Brussels). In 1993 a complete single market was achieved, known as the internal market, which allowed for the free movement of goods, capital, services, and people within the EEC.

11. Between states and foreign investors ICC: ​The International Criminal Court (ICC) investigates and, where warranted, tries individuals charged with the gravest crimes of concern to the international community: genocide, war crimes, crimes against humanity and the crime of aggression. The Court is participating in a global fight to end impunity, and through international criminal justice, the Court aims to hold those responsible accountable for their crimes and to help prevent these crimes from happening again.

​​The Court cannot reach these goals alone. As a court of last resort, it seeks to complement, not replace, national Courts. Governed by an international treaty called the Rome Statute, the ICC is the world’s first permanent international criminal court .

12. ICSID “ICSID was established in 1966 by the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention). The ICSID Convention is a multilateral treaty formulated by the Executive Directors of the World Bank to further the Bank’s objective of promoting international investment. ICSID is an independent, depoliticized and effective dispute-settlement institution. Its availability to investors and States helps to promote international investment by providing confidence in the dispute resolution process. It is also available for state-state disputes under investment treaties and free trade agreements, and as an administrative registry.

13. ICSID ICSID provides for settlement of disputes by conciliation, arbitration or fact-finding. The ICSID process is designed to take account of the special characteristics of international investment disputes and the parties involved, maintaining a careful balance between the interests of investors and host States. Each case is considered by an independent Conciliation Commission or Arbitral Tribunal, after hearing evidence and legal arguments from the parties. A dedicated ICSID case team is assigned to each case and provides expert assistance throughout the process. More than 600 such cases have been administered by ICSID to date.

14. Remarks