Charter Of Economic Rights And Duties Of States

Charter of Economic Rights and Duties of States in Global Commerce Policy

In this regard, charter of economic rights and duties of states is: an initiative launched at UNCTAD III (1972) ostensibly aimed at protecting the economic rights of all countries, but really promoting a change in what was seen as the entrenched lower status of developing countries in the international economic system. The draft Charter, originally intended to be binding on signatories and to become part of international law, was adopted by the United Nations General Assembly as Resolution 3281 (XXIX) on 12 December 1974. The Charter has 34 articles grouped in four chapters. Chapter I sets out 15 principles that should govern the fundamentals of international economic relations among states. These are (a) sovereignty, territorial integrity and political independence of states, (b) sovereign equality of all states, (c) non-aggression, (d) non-intervention, (e) mutual and equitable benefit, (f) peaceful coexistence, (g) equal rights and self- determination of peoples, (h) peaceful settlement of disputes, (i) remedying of injustices which have been brought about by force and which deprive a nation of the natural means necessary for its normal development, (j) fulfilment in good faith of international obligations, (k) respect for human rights and fundamental freedoms, (l) no attempt to seek hegemony and spheres of influence, (m) promotion of international social justice, (n) international cooperation for development, and (o) free access to and from the sea by land-locked countries within the framework of these principles. Chapter II contains 28 articles describing the economic rights and duties of states. The entries on trade policy are here. In abbreviated form they are (1) the right to choose economic, political, social and cultural systems in accordance with the will of the people, (2) full permanent sovereignty over all wealth, natural resources and economic activities, (3) if two or more countries share natural resources, they must cooperate in their exploitation, (4) the right to engage in international trade and other economic cooperation irrespective of political, economic or social systems, (5) the right to associate in organizations of primary commodity producers, (6) the duty to contribute to the development of international trade of goods, particularly through the conclusion of long-term multilateral commodity agreements, (7) responsibility of the state to promote the economic, social and cultural development of its people, (8) cooperation in achieving a more rational and equitable system of international economic relations, (9) responsibility to cooperate in the economic, social, cultural, scientific and technological fields, (10) the right to participate fully as equals in the international decision-making process to solve world economic, financial and monetary problems, (11) cooperation to improve the efficiency of international organizations, (12) the right to participate in subregional, regional and interregional cooperation in the pursuit of development, (13) the right to benefit from the advances in science and technology, (14) the duty to cooperate in promoting steady and increasing expansion and liberalization of world trade, (15) the duty to promote achievement of general and complete disarmament, (16) the right and duty to eliminate colonialism, racial discrimination, neo-colonialism and all forms of foreign aggression, (17) the duty to cooperate internationally for development, (18) developed countries to improve and enlarge the system of generalized non-reciprocal and non-discriminatory tariff preferences, (19) developed countries to grant generalized, preferential, non-reciprocal and non-discriminatory treatment in fields of international and economic cooperation where it may be feasible, (20) developing countries to increase their trade with socialist countries, (21) developing countries to promote the expansion of their mutual trade, (22) promotion of increased net flows of real resources to the developing countries, (23) developing countries to strengthen their economic cooperation and expand their mutual trade to accelerate their economic and social development, (24) the duty to conduct mutual economic relations through taking into account the interests of other countries, (25) special attention to be paid to the least developed countries, (26) the duty to coexist in tolerance and live together in peace, (27) the right to enjoy fully the benefits of world invisible trade and to engage in its expansion, and (28) the duty to cooperate in achieving adjustments in the prices of exports of developing countries compared to import prices. Chapter III details in two chapters the common responsibilities of states towards the international community, i.e. towards each other. The entries on trade policy are here. Article 29 states that the seabed and ocean floor beyond the limits of national jurisdiction, as well as the resources of the area, are the common heritage of mankind. The entries on trade policy are here. Article 30 makes the protection, preservation and enhancement of the environment for the present and future generations the responsibility of all states. Chapter IV observes, inter alia, that the prosperity of the international community as a whole depends upon the prosperity of its constituent parts. The majority of developed countries either abstained or voted against the Charter. The countries refusing to support the Charter were concerned that it did not contain a commitment to international law or a reference to the relevance of international law. Considerable debate developed over the legal standing of the Charter, but it slowly faded away as an international issue in any case. Some are of the view that although the Charter failed to bring about the intended changes in international economic relations, the controversy over it ensured that the concerns of developing countries would be given more attention in future. See also Global Negotiations, New International Economic Order and North-South dialogue.[1]

Charter of Economic Rights and Duties of Statesin the wold Encyclopedia

For an introductory overview on international trade policy, see this entry.

Resources

Notes and References

1. Dictionary of Trade Policy, “Charter of Economic Rights and Duties of States” entry (OAS)

See Also