What do you mean by 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.

How does WTO law relate to international economic law?

As a new branch of international law, WTO law consists of the rules which particularly regulate the transactions concerning trade in goods, trade in services, investment and trade-related intellectual property rights among WTO Members. Basically, WTO law is no different from other branches of international law.

What is the subject matter of international economic law?

In general, international economic law (IEL) is concerned with the governance of international economic relations between states as they affect individuals in a state, including in particular their relations inter se across national boundaries.

What are the sources of international economic law?

Sources of international law include treaties, international customs, general widely recognized principles of law, the decisions of national and lower courts, and scholarly writings. They are the materials and processes out of which the rules and principles regulating the international community are developed.

What is meant by economic law?

Economic law is a set of legal rules for regulating economic activity. In the legal system of the Soviet Union, economic law was the legal theory and system under which economic relations were a legal discipline independent of criminal law and civil law.

Why international economic law is important?

International economic law is a massive body of law, which is growing rapidly and changing fast. It seeks to regulate more or less all aspects of international economic relations between states. International economic law developed as a separate and identifiable body of law in the post-Second World War era.

Is WTO law public international law?

Stating that WTO rules are just a part of public international law is one thing. It is quite another to submit that there is nothing special about WTO rules. In many respects WTO rules are lex specialis as opposed to general international law.

Is the WTO a treaty?

The Agreement on Technical Barriers to Trade is an international treaty of the World Trade Organization. It was negotiated during the Uruguay Round of the General Agreement on Tariffs and Trade and entered into force with the establishment of the WTO at the end of 1994.

What are the characteristics of international economic law?

Some of the characteristics or principles of international economic law include: Economic sovereignty. Duty to cooperate. Permanent sovereignty over natural resources.

What is an example of an economic law?

Most economic laws are behaviourist, such as the law of diminishing marginal utility, the law of equi-marginal utility, the law of demand, etc., which depend upon human behaviour.

What is the first economic law?

all goods and services are available to all people without the need for means of exchange such as money, credits, barter or any other means.

What is the role of public international law?

5.1. 4 Public international law is concerned with agreements between two or more different jurisdictions, in the form of a treaty, for example, or at a supranational level. This international agreement may then be binding on the State institutions in the two (or more) jurisdictions or States concerned.