international economic law

Definition

A clause frequently included in bilateral investment treaties ("BITs") which provides that a host state shall treat all of its trading partners equally. Under such a clause, if the host state lowers a tariff for one trading partner, it must lower it for all trading partners.

Bilateral investment treaties (or, BITs) are international agreements establishing the terms and conditions for private investment by nationals and companies of one state in another state. 

International Monetary Fund (IMF) was concieved in July 1994 in Bretton Woods, New Hampshire and entered into force on March 1, 1947.  IMF was established in order to promote international monetary cooporation, facilitate expansion and balanced growth in international trade and maintain exchange arrangement among its members.  The IMF established a Par Value where countries that joined agreed to keep their exchange ratein terms of U.S. dollar, and the value of dollar in terms of gold.

International Bank of Reconstruction and Development was established in 1944 as the original intritution of the World Bank group.  Its aim is to reduce poverty in middle-income and creditworthy poorer countries by promoting sustainable development through loans, guarantees and risk management products.  This is to assist in the the reconstruction and development of its member countries by facilitating the investment of capital for productive purposes.

International economic law, broadly conceived, is a field of international law that encompasses both the conduct of sovereign states in international economic relations, and the conduct of private parties involved in cross-border economic and business transactions.  This includes, among other things, international trade law, law of international financial institutions (or what is known as international financial law, and traditional [[wex:private internati