Public International Law

International economic law is an umbrella term with no fixed meaning. At its broadest, it covers all aspects of economic relations between states, including regulation of the conduct of individuals, corporations and international organisations. A narrower meaning is ‘the segment of public international law directly governing – rather than merely affecting – economic relations between States or international organizations’. The field also embraces governance arrangements, such as the World Bank, International Monetary Fund, and World Trade Organization, as well as the many UN and regional bodies that advance economic development. As space does not permit a discussion of all these aspects, this chapter focuses on two important areas: international trade law and international investment law. International trade law is the body of law, mainly treaty based, that governs the terms on which states permit the trade in goods and services across their borders.