"Over the past 30 years, international trade has grown constantly and since 2008 it has increased by 26% (World Trade Organization 2019). In the same period of time foreign direct investment (FDI) grew more than 20% before 2000, 8 % in 2000-2007, and has shown slow growth since 2008, averaging about 1% growth per year for a decade (UNCTAD 2019b, p. xi).1 What we have also observed (but we lack systematic data) is a spectacular growth of trade in parts and components and a substantial increase of trade in services, reflecting companies' investment and sourcing decisions increasing the web of global and regional supply chains. The "death of distance" through lower transport costs and advancements in information technology has contributed to accelerating these developments"--
The 20072010 global financial crisis re-opened the debate on the reform of the international monetary and financial system. This well-argued book demonstrates the strategic role of international economic law (IEL) in ensuring international monetary stability and global financial stability. After discussing the current allocation of powers among IEL institutions, Annamaria Viterbo focuses on monetary measures: exchange restrictions, capital controls and exchange rate manipulations. These three fundamental topics are then examined through the lens of a multi-layered methodology, adopting perspectives from international monetary law, trade law and investment law. The author evaluates how the horizontal sectors in which IEL is traditionally divided interact and how conflicts between norms are avoided or solved. Particular attention is also devoted to the outcomes of trade and investment disputes that deal with monetary measures. International Economic Law and Monetary Measures will appeal to international trade law and international financial law scholars as well as law and business students. Legal practitioners and officials working in the field of international economic law will find it a useful reference, as will legal counsel in banks and financial institutions, international investors and multinational corporations.
Implementing International Economic Law focuses on the relationship between the rules of public international law and international economic law from the point of view of dispute settlement mechanisms. It demonstrates that the practice of international adjudicative bodies such as the WTO and the ICSID went beyond merely interpreting and applying the rules of law and became international organisations as “law-makers”. This is where the sources of international law play a crucial role.
Containing contributions from both academic experts and practitioners, and from economic and legal experts, this book explores the use of economics in international economic law.
This volume is a unique study focussing on the highly controversial issue of standards of review in WTO dispute resolution. Standards of review reflect the extent to which the WTO adjudication bodies can override the decisions taken by national authorities. As such they play a crucial role in shaping the balance of power and responsibility for decisions on factual and legal issues. In this volume, the current state of law and practice is analysed and critically assessed in a commentary on the evolution of, and inconsistencies amongst, the relevant cases.
For many years it was said that the weakness of international law was the lack of a system for the enforcement of legal obligations. Commentators pointed to the paucity of cases in the International Court and the unwillingness of States to undertake binding obligations to settle their disputes. This position has now changed beyond recognition. The number of international tribunals has increased and many of them, such as ICSID and the International Court of Justice, are busier than at any time in their history. Increasingly, the classical procedures of diplomatic protection are circumvented as corporations and individuals litigate in their own right against States in international tribunals. This book surveys the range of procedures for the settlement of international disputes, whether the disputes arise between States or between States and corporations or individuals. The first part of the book examines non-judicial procedures such as negotiation, mediation, fact-finding, as well as judicial procedures. Among the tribunals covered are ICSID, the UNCC and the Iran-US Claim Tribunal, the WTO disputes panels, ad-hoc inter-State and international commercial arbitral tribunals and the International Court of Justice. In the second part of the book the emerging principles of procedural law applied in these tribunals are discussed. Here the authors go through the entire settlement process from the agreement to submit to a settlement procedure and the constitution of the tribunal, through to the determination of the law applicable to the merits and to the procedure of the tribunal, to the review, and ultimately the recognition and enforcement of tribunal awards.
This publication succeeds previously published seminars of the Max Planck Institute for Comparative Public Law and International Law (Heidelberg, Germany) dealing with evolving principles and new developments in international law. Due to the limits of traditional dispute settlement in international law and the ongoing scholarly debate on those limits, it focuses on possible innovations and functional approaches to improve international dispute settlement mechanisms. In doing so, it covers a wide variety of topics such as procedures of the WTO, advisory opinions of international courts and tribunals, the privatization of international dispute settlement, the interaction between counsels and international courts and tribunals, and the law-making function of international courts. The aim of this publication is to contribute to the cross-fertilization between these mechanisms and to offer creative impulses for the promotion of international dispute settlement.
The World Trade Organization—backbone of today's international commercial relations—requires member countries to self-enforce exporters' access to foreign markets. Its dispute settlement system is the crown jewel of the international trading system, but its benefits still fall disproportionately to wealthy nations. Could the system be doing more on behalf of developing countries? In Self-Enforcing Trade, Chad P. Bown explains why the answer is an emphatic "yes." Bown argues that as poor countries look to the benefits promised by globalization as part of their overall development strategy, they increasingly require access to the WTO dispute settlement process to protect their trading interests. Unfortunately, the practical realities of WTO dispute settlement as it currently stands create a number of hurdles that prevent developing countries from enjoying the trading system's full benefits. This book confronts these challenges. Self-Enforcing Trade examines the WTO's "extended litigation process," highlighting the tangle of international economics, law, and politics that participants must master. He identifies the costs that prevent developing countries from disentangling the self-enforcement process and fully using the WTO system as part of their growth strategies. Bown assesses recent efforts to help developing countries overcome those costs, including the role of the Advisory Centre on WTO Law and development focused NGOs. Bown's proposed Institute for Assessing WTO Commitments tackles the largest remaining obstacle currently limiting developing country engagement in the WTO's selfenforcement process—a problematic lack of information, monitoring, and surveillance.
