Oct 10, 2017

My interest in International Economic Law | Damilola Dawodu

International economic law is a field of international law that involves the regulation and conduct of states, international organizations, and private firms operating in the international economic arena. It is a study of international forces that influence the domestic conditions of an economy and shape the economic relationship between countries. In other words, it studies the economic interdependence between countries and its effects on economy.

It is concerned with the governance of international economic relations between states as they affect individuals in a state, including in particular their relations inter se across national boundaries. A traditional drive for this normative framework has been the facilitation of the optimal allocation and use of national and international resources for the development of all the people of the world.

Different Parts of International Economic Law
As such, international economic law encompasses a broad range of disciplines which includes, among other things:
· international trade law
· international financial law
· public international law and private international law
· domestic law applicable to international business transactions.

The scope of international economics is wide as it includes various concepts, such as:
· globalization;
· gains from trade;
· pattern of trade;
· balance of payments; and
· FDI.

Apart from this, international economics describes
· Production;
· Trade; and
· investment between states
Additionally, international economic law includes the following fields:
· Regional Economic Integration, such as the European Union, ASEAN and other regional trade organizations.
· International law and development
· International commercial arbitration
· International intellectual property law
· International business regulation

Importance  of International Economic Law
International economics has emerged as one of the most essential concepts for countries. Over the years, the field of international economics has developed drastically with various theoretical, empirical, and descriptive contributions.

Generally, the economic activities between nations differ from activities within nations. For example, the factors of production are less mobile between countries due to various restrictions imposed by governments.
The impact of various government restrictions on production, trade, consumption, and distribution of income are covered in the study of internal economics. Thus, it is important to study the international economics as a special field of economics.

The economic sector affects everything in a country, the education, health and every other sector in the country. Economic policy covers the system for setting levels of taxation, government budgets, the money supply, interest rates, the Labour market, national ownership and many other areas.

I have keen interests in influencing and transforming the economic systems of my country and the globe at large. I have tried to define problems with our economic system and I realized that economic system may not thrive if  the  international economic relations among states are not
properly governed and managed by making and executing of good policies as they affect individuals in a state.

I aspire to work with the federal government and with international organizations  like the World Bank, International Monetary Fund, or any other organisation that handles issues as regards the  economy.

1.         https://www.slideshare.net/mobile/Kingnabalu/lecture-3-sources-of-international-law, 24 July 2017, 2.45pm

2.       Qureshi A.H. International Economic Law, London, Sweet and Maxwell, 2007, p. 35

3.       Principles of International  Economic Law and the Right to Economic Development Vis-À-Vis  The
Guiding Principles of Sustainable Development

4.       As an individual, why I am interested in International Economic Law
4https://www.law.cornell.edu/wex/international_economic_law 11th September 2017, 3.45pm

5.       hp://www.economicsdiscussion.net/internaonal-economics/internaonal-economics-its-concept-parts/4205 18th September 2017, 11.18 a.m.

Damilola Dawodu
Lawyer | Writer| Speaker| Blogger

Photo Credit - iielaw.org 


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