Edgard Raúl Leoni Moreno: Introduction to International Economic Law

What do we know about International Economic Law? We will discover it below in these basic notions of the objects they pursue.

What Do We Know of International Economic Law?

There are several notions about what this field of law is about, the broadest concept that one has about it, encompassing all its objectives and functions is positioned in being a law that legislates the order of the international economy, meaning financial relations between different countries, with the aim of pursuing and ensuring a balance in negotiations, laws and procedures of foreign trade.

It also encompasses the two processes that are involved in the international economy itself: The production and exchange of goods that takes place on the borders between nations. 

However, the rules governing such processes may come from Public International Law, Private International Law or the Interim Law of States.

More restricted notions position International Economic Law as the legislation applicable only to the joint field of Public International Law. Although, most of the authors insist on giving significant importance to Foreign Trade as the main axis of the International Economic Law, regardless of whether they are private transactions, since this ultimately affects or directly benefits the State and its relations with other nations.

Which Are the Objectives of the International Economic Law?

Mainly, to maintain stable economic relations between countries, respecting their own legislations, but making respect the guidelines of the appropriate procedure for a legal transaction in International Trade.

It is usually involved in issues such as foreign investments, in issues of numbers and needs of export and import, as well as in financial and monetary relations between countries, tax agreements and even labor standards in this field.

It is highly important in relations with international financial institutions and international organizations in areas of universal cooperation or regional institutions for the purpose of economic integration.

It pursues the legal regulation of the areas that agglomerate the international economic contracts ascribed to entities, international treaties agreed between several States, some state regulations of public law and other regulations applied to the scope of external organizations competent to the matter of international trade.

In addition, they are included in mechanisms corresponding to the settlement of disputes and differences between States, between individuals or where both are involved.

In summary, International Economic Law is a complete and complex subject that professes an integral regulation for diverse causes referring to the economy and its fiscal procedures. It must include areas of Domestic Law, Public Law and Private Law because they all flow towards the same objective.