Abstract
Geopolitics and geo-economics have been catapulted the law to the fount to resolve international conflicts. The law is involved in creating collations to fight religious extremists or to counter economic and military advancements of other nations use various systems of regulating coalition behavior. The United States is pushing for the largest consolidation of economies in the history of the world. The main vehicle of this consolidation is the Trans Pacific Partnership (TPP) and the Trans-Atlantic Trade and Investment Treaty (TTIP). These mega trade agreements are being negotiated in tandem with increases military cooperation as well. But this system of consolidation has to contend with major considerations regarding national sovereignty, rule of law and prevalence of justice. Under particular scrutiny is the main mechanism for dispute resolution within the trade agreements, known as investor state dispute settlement. While most agree that consolidation and collective security is desirable, disagreements over the mechanics and function of the dispute mechanism threatening negations from proceeding. The concerns are legitimate in regards to legal certainty, foreign intervention and accountability. But in the big picture, the pros outweigh the cons.
Highlights
General Overview of Trade & PoliticsPolitical, legal and economic considerations are deeply imbedded in all trade agreements
The decisions found by the tribunal would be binding and to a great extent remove political/diplomatic entanglements. This concept is central to all ISDS tribunal franchises. Those arguing against the ISDS clause, claiming that it is a breach of national sovereignty, make an understandable political point
It is clear that the geopolitical considerations are clearly playing a role here, and the concerns of those opposing ISDS are at times legitimate, just not as a matter of law
Summary
Legal and economic considerations are deeply imbedded in all trade agreements. The concept of global free trade is accredited to first making a break through by Adam Smith’s book, Wealth of Nations in 1776 and David Ricardo’s theory of comparative advantage in 1799 This is marked as the beginning of modern economic liberalism. Nations could negotiate agreements at their leisure, the concept of a Free Trade Area/Agreements (FTA) first made its major appearance with the European Coal and Steel Cooperation and its expansion made it clear that economic integration could clearly translate from economic cooperation to political cooperation This has been an all-round success, as there has been peace between E.U. member states since. Mead, ‘The Return of Geopolitics: The Revenge of the Revisionist Powers’, Foreign Affairs, Council on Foreign Relations, 1 May 2014, Print
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