International economic law encompasses various fields of study, including trade law, economic development, commercial arbitration, and intellectual property law. It deals with legal trade agreements and treaties supporting transnational commercial transactions. The subject has broadened to include all aspects of international law affecting the market economy and commercial transactions between nations and private business entities. The study falls into three categories: economic law between nations, foreign companies and nations, and cross-border commercial relations. It also includes the study of regional integration of markets and environmental impact policy.
There are various fields of study within international economic law, including trade law, international trade regulation, economic development of underdeveloped countries, international commercial arbitration, law supporting regional integration of markets, international intellectual property law and some aspects of environmental law. International economic law historically dealt only with the nation-to-nation agreements behind open markets and free trade, such as the North American Free Trade Agreement. With the globalization of world markets since the early 21st century, the definition of this type of law has broadened to include all aspects of international law affecting the market economy and commercial transactions between nations and private business entities between commercial entities and between private commercial entities and foreign consumer markets.
International economic law includes the legal trade agreements and treaties that support transnational commercial transactions. The exact parameters of what falls under this umbrella have changed as the world economic landscape changes in response to the increasing globalization of markets. What business and law schools once labeled as international business law has morphed into the curricula of many of the world’s most prestigious institutions and is now known as international economic law. Some schools’ international business law journals, for example, have repositioned themselves as international business law journals and handle the broader application of the subject.
Topics that most scholars and academics would typically include within the realm of international economic law fall into three categories. The first is the economic law between nations, including trade agreements and development policy and projects applied to developing nations. The second is the economic law between foreign companies and the nations where they want to set up operations, including the regulation of businesses and access to markets. Thirdly, cross-border commercial relations between companies registered in different countries, including commercial arbitration and intellectual property rights.
Ancillary to the three categories of relationships are two areas of international economic law study that deal with activities that have international implications but are somewhat insular to a nation or group. An example would be the study of regional integration of markets, such as the creation of the European Union and the stability of the Euro. Market access or environmental impact policy of companies moving abroad would fall into this area. However, international economic law is not set in stone and can include other areas of international law as it affects the economy, markets and commercial transactions.
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