Part II International Economic Law as an Order of Rules and Principles, V Basic Principles of the International Economic Order

Subject(s):

Economic, social, and cultural rights — International investment law — International monetary law — Tariffs — Technical barriers to trade — Environmental disputes

This chapter examines seven basic principles for international economic order. It explains that, firstly, States are free to choose their economic and social system. The modern international economic order also aims at the liberalization of transboundary economic transactions through the reduction of tariffs and the elimination of other barriers to trade. Another principle calls for fair treatment of foreign investors; and yet another considers the non-discrimination of foreign nationals, goods, services, and investments. A section is also devoted to providing favourable conditions for developing countries, in the forms of preferential treatment and tariffs, technology transfers, and exceptions from treaty obligations. Sustainable development, though long a concept of international environmental law, also plays a significant role in the international economic order. The final principle is the respect for human rights, which have a strong impact on the economic and social order.