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International Economic Law - Summary

International Economic Law (Universitas Gadjah Mada)

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International Economic Law: rules governing international economic relations and transboundary
economic conduct by States, international organizations, and private actors. The term essentially refers
to the regulation of cross- border transactions in goods, services, and capital, monetary relations and
the international protection of intellectual property. To some extent, it also addresses the movement of
companies and natural persons as well as aspects of international competition. The modern international
economic order aims at activating market forces and private initiative by eliminating barriers to trade
and to the flow of capital. It also fosters a positive investment climate.

1. International Trade Law: The international agreements on the exchange of goods and services
across borders are based on the reciprocal character of the respective rights and obligations of
the parties and aim at achieving mutual benefits for all of them. The institutional system of the
WTO administers a number of trade agreements. Its principal objectives are to reduce existing
trade barriers and to expand international trade, raise the standard of living, attain sustainable
development, and secure an adequate share in the growth of international trade for developing
countries (WTO Agreement, preamble). The GATT (1947 and 1994) is the basic legal
instrument for substantially reducing tariffs and other barriers to trade in goods and for
eliminating discriminatory treatment.

2. Regional Economic Law and Foreign Trade Agreements: Bi- and multilateral FTAs & other
forms of regional economic law overlap with WTO law. These agreements range from free
trade areas over custom unions to more ambitious forms of regional economic integration

3. International Antitrust and Competition Law: the interplay of domestic competition and
antitrust rules concerning the issue of transboundary undertakings. Int’l agreements, for
example between the European Union and the United States, provide for mutual assistance and
cooperation among competition authorities.

4. International Investment Law: covers monetary relations. The Statute of the IMF provides rules
for the surveillance of currency arrangements and assistance to Member States in case of
balance of payment deficits.

5. Intellectual Property Law: A number of treaties address the protection of intellectual property
(copyright, design protection, patents including for example bio-patents on DNA-sequences,
new trademarks, topographies of integrated circuits)

6. International Commercial Law: International agreements like the United Nations Convention
on Contracts for the International Sale of Goods (CISG) are directed at the harmonization of

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substantive law. Transboundary e-commerce increases the need for uniform rules. Another area
of international commercial law covers the settlement of disputes, in particular international
arbitration which often extends to disputes between States and foreign corporations

Source: Herdegen, M. (2016). Principles of international economic law. New York: Oxford University
Press.

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