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General Principles of International Economic Law






1. As the practice of the contracting parties to the General Agreement on Tariffs and Trade (GATT) of 1947 shows, it is the duty of states to correct or remove the element of discrimination. Reference should be made also to Article 4 of the Charter of the Economic Rights and Duties of States, 1974, which reads:

“Every State has the right to engage in international trade and other forms of economic co-operations irrespective of any differences in political, economic and social systems. No State shall be subject to discrimination of any kind based solely on such differences”.

2. With regard to the entry of capital, although the general trend of international law is towards the promotion of investment, investment-receiving states are not debarred from prescribing requirements for the screening, approval, and registration of any capital inflow. It is to be observed that Article 2 of the above-mentioned Charter of Economic Rights and Duties of States, 1974, provides: “Each State has the right: (a) to regulate and exercise authority over foreign investment within its national jurisdiction in accordance with its law and regulations and in conformity with its national objectives and priorities. No State shall be compelled to grant preferential treatment to foreign investment”.

3. A major step in the direction of the protection of foreign investment was the adoption in 1985 of the Convention establishing the Multilateral Investment Guarantee Agency (MIGA), representing the culmination of efforts spanning a period of over thirty years to implement the concept of a multilateral investment guarantee scheme in respect of non-commercial risks, which scheme would be both protective and promotional of foreign investment.

A trend of the past decade, reflecting the above-mentioned developments concerning private foreign investment, is towards the negotiation of bilateral treaties for the mutual encouragement and protection of investments; one example of this is the United States – Morocco Treaty, 1985, Governing the Encouragement and Reciprocal Protection of Investments, with ancillary Protocol, signed at Washington.

4. The international commodity agreements indicate a movement towards rules of international law, obliging producing and purchasing states to co-operate in ensuring the stability of commodity prices, and in equating supply with demand by, inter alia, controlling and regulating the maintenance of desirable levels of production in each producing country or territory. They show that there is no rule of international law, which prevents a state from restricting production, having regard to economic exigencies. A different regulatory system is followed by the contracting states in each of the commodity agreements, lack of uniformity precludes the drawing of any more general conclusions. A broad principle governing the obligations of states in regard to international commodity supplies was proclaimed in Article 6 of 1974 Charter of Economic Rights and Duties of States, as follows:

“It is the duty of States to contribute to the development of international trade of goods particularly by means of arrangements and by the conclusion of long-term multilateral commodity arrangements, where appropriate, and taking into account the interests of producers and consumers. All States share the responsibility to promote the regular flow and access of all commercial goods traded at stable, remunerative and equitable prices, thus contributing to the equitable development of the world economy, taking into account in particular the interests of developing countries”.

5. International law is moving towards the abolition of quantitative restrictions on imports and exports, except where these are temporarily and urgently required to solve problems of maintenance of currency reserves (see Articles XI to XIV of the General Agreement on Tariffs and Trade) or for other legitimate special reasons.

6. States appear ready to recognize a principle that in matters not materially involving the revenue, or balance-of-payments issues, customs formalities should be simplified, and administrative restrictions on, or barriers to trade, whether in goods or in services, should be minimized. The Communiqué of the ministerial meeting of the Organization for Economic Co-operation and Development (OECD), 1983, expresses a joint resolve ‘to relax and dismantle progressively trade restrictions and trade-distorting measures’ (paragraph 14 of the Communiqué). Indeed the OECD is continually updating, for this purpose, its Code of Liberalization of Capital Movements. At their ‘economic summit’ held in Venice in June 1987, the seven major industrial powers (Canada, France, West Germany, Italy, Japan, the United Kingdom and the United States) made a call for the preservation of ‘an open world trading system by reducing trade barriers’.

7. There are indications that an important branch of international economic law in the future will consist of rules to regulate and oversee the sharing of natural resources such as energy, raw materials, and food. The necessity for establishing such a sharing regime in the case of oil and oil products was brought home to the nations of the worlds in the energy crisis of 1973-1974 with the restrictions on oil exports by producing countries and the unprecedented increase in oil prices. These circumstances led to the World Energy Conference in 1974, and the establishment by the OECD of the International Energy Agency in 1974. Further, in 1981, the United Nations Conference on New and Renewable Energy Sources was held at Nairobi, resulting, inter alia, in the acceptance of an Agreed Programme of Action which could serve as a possible platform for the eventual formation of new rules of international law concerning energy-sharing strategies.

Notes:

inter alia крім того, між іншим
reciprocal protection of investments взаємний захист
establishment of sharing regime упровадження режиму розподілу
relax trade restrictions послабити торгівельні можливості
dismantle trade distorting measures усунути перешкоди в торгівлі

 


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