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International Economic LawPublic International Law21 Nov 2013JRU Law SchoolPascua, Donna Phoebe M.OUTLINEFundamental Principles of International Economic LawThe Definition of International Economic LawThe Basis of International Economic LawFundamental Principles of International Economic LawThe Institutional Structure of International Economic LawThe Economic and Social Council (ECOSOC)About ECOSOCRules of ProcedureKey Functions of the ECOSOCAnnual Ministerial ReviewDevelopment Cooperation ForumSubsidiary organizationsAn Overview of the UN Report on Global Sustainability

The main international economic agenda in the post-Second World War period involved promoting the free movement of goods and capital across borders and enabling states to exploit their natural resources to the maximum extent possible for their economic development. S.P. Subedi, University of LeedsInternational Economic LawDEFINITIONRegulates the international economic order or economic relations among nationsIncludes a vast array of topics such as:International Trade LawInternational Economic Integration Law Private International LawInternational Business RegulationInternational Financial LawThe role of law in developmentInternational tax lawInternational intellectual property law

International Economic LawBASISpacta sunt servanda = With reference to international agreements, "everytreatyin force is binding upon the parties to it and must be performed by them ingood faith."FreedomSovereign equalityReciprocityEconomic sovereigntyThe duty to cooperatePermanent sovereignty over natural resourcesPreferential treatment for developing countries in general and the least-developed countries in particularBasis: Economic SovereigntyHaving control over the economic activities of both juridical and natural persons conducting business within the country, whether nationals of that country or foreignersE.g. sovereignty over the natural resources of the country and require that foreign individuals and companies to comply with the new policy adopted by the state

International Economic LawFUNDAMENTAL PRINCIPLESThe right to economic developmentThe law on natural resources

The Stockholm Declaration 1972The Charter of Economic Rights and Duties of States 1974World Charter for Nature 1982UN Convention on the Law of the Sea 1982The Bruntland CommissionThe Rio Conference 1992The UN Convention on Biological Diversity 1992

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Institutional StructurePrincipal international economic institutions of a universal character:International Monetary Fund (IMF)International Bank for Reconstruction and Development (World Bank)General Agreement on Tariffs and Trade (GATT) replaced by the World Trade Organization (WTO)

The UN and its specialized agenciesInstitutional StructureAll principal institutions originated in wartime planning for a better economic futureThe planning took place against the background of:Impoverishing economic policies of the 1930sIn the context of ambitious planning that let to the establishment of the universal political institution, the UNAll principal institutions coexist with international economic organizations of a regional character (e.g. OECD, BIS, EC)

ECOSOCs inaugural session, 23 January 1946About ECOSOCA founding UN charter body established in 194654 member-governments elected by the General Assembly for 3-year terms

Responsible for some 70% of the human and financial resources of the entire UN systemThe Bureau (5 members) are elected by the Council at the beginning of each annual sessionMain functions: To propose the agendaTo draw up a programme of work To organize the session with the support of the UN Secretariat

ECOSOCs current chamber in UN headquarters in New YorkECOSOC: Rules of ProcedureSessionsAgendaRepresentation, CredentialsBureauSessional Bodies and Subsidiary OrgansSecretariatLanguagesPublic and Private LanguagesRecordsConduct of BusinessVoting and ElectionsParticipation of Non-Members of the CouncilConsultation with Non-Governmental OrganizationsAmendments and Suspension of Rules of ProcedureECOSOC: SessionsAnnual organizational session and substantive sessionOrganizational session: shall be convened on the first Tuesday in February and resumed at the end of AprilSubstantive session: shall take place between May and July

Special sessions: shall be convened within 6 weeks of a decision to hold such a session or of receipt by the President of a request for such a sessionECOSOC: Key FunctionsAnnual Ministerial Review (AMR)To assess progress in achieving the internationally agreed development goals (IADGS) arising out of major conferences and summits.Annual thematic reviewNational voluntary presentations on progress and challenges towards achieving the IADGsDevelopment Cooperation Forum (DCF)To enhance the coherence and effectiveness of activities of different development partners.ECOSOC: Annual Ministerial Review (AMR)2013 AMR PreparationsRegional Meetings: focus on a topic related to the AMR theme that is of particular relevance to the region hosting the consultationsExchange of views among different stakeholdersReview of regional progress and challengesSharing of good practicesGeneration of action-oriented recommendationsIdentification of regional perspectives to be reflected in the AMRE.g. Regional Preparatory Meeting for Asia and the Pacific: Science, Technology and Innovation (STI) for Promoting Renewable Energy Technologies, Thailand, 13 March 2013

The meeting brought together policy makers in the energy and sustainable development sectors from the countries in the region, representatives of local governments, multilateral institutions, key donors, civil society and the private sector, to identify trends and challenges with regards to renewable energy technologies for sustainable development in the region.ECOSOC: Development Cooperation Forum (DCF)Preparations for the 2014 Development Cooperation Forum (July 2014, New York)E.g. Vienna Policy Dialogue (December 2012, Austria)Explored root causes of persistent gender inequalities and identified successful strategies to promote gender equality and the empowerment of women through development cooperation, including through gender responsive mutual accountability, budgeting and planning practices at country level

ECOSOC: Subsidiary OrganizationsECOSOC Functional CommissionsECOSOC Regional CommissionsECOSOC Standing CommitteesECOSOC Ad Hoc BodiesExpert bodies composed of governmental expertsExpert bodies composed of members serving in their personal capacity

ECOSOC: Subsidiary OrganizationsExpert bodies composed of members serving in their personal capacity

21UN Report on Global SustainabilityWorking Towards a Sustainable EconomyIncorporating social and environmental costs in regulating and pricing of goods and services, as well as addressing market failuresCreating an incentive road map that increasingly values long-term sustainable development in investment and financial transactionsIncreasing finance for sustainable development, including public and private funding and partnerships for mobilize large volumes of new financingExpanding how to measure progress in sustainable development by creating a sustainable development index or set of indicators

UN Report on Global SustainabilityStrengthening Institutional GovernanceImproving coherence at the subnational, national and international levelsCreating a set of sustainable development goalsEstablishing a periodic global sustainable development outlook report that brings together information and assessments currently dispersed across institutions and analyses them in an integrated way Making a new commitment to revitalize and reform the international institutional framework, including considering the creation of a global sustainable development councilUN Report on Global Sustainability: A Call to ActionThe Sec-General to implement the recommendations that fall within his authority and to take the full set of recommendations to the UN family as a whole.

The Sec-General and the UN to use the convening power of the organization to advance the recommendations in thewider international community, including Governmentsat all levels, international organizations, civil society, thescientific community and the private sector. Earth provides enough to satisfy every mans need, but not every mans greed. Mahatma GandhiResources:International Economic Law, S.P. Subedi, University of London, 2006International Economic Institutions: The Challenge of Coordination, Stephen Silard, American University International Law Review, 2011UN Economic and Social Council, www.un.org/ecosoc

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