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

From: Principles of International Economic Law (1st Edition)

Matthias Herdegen

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From: Oxford Public International Law (http://opil.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 20 April 2024

Tariffs — Fair and equitable treatment standard — Developing countries — Sustainable development — Sovereignty
As a matter of principle, States are free to choose their economic and social system:Every State possesses a fundamental right to choose and implement its own political, economic and social systems.1 Similarly, States are at liberty to maintain or not relations with other economies.2 This freedom flows from the ‘sovereign equality’ of States (Article 2 No 1 UN Charter) and may be exercised through treaty commitments. On the one hand, it is certainly true that few treaties and other international instruments provide for a specific economic system like a market...
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