Economic component of the sustainable development concept

Abstract

The article deals with the problem of the realization of the right to development in international economic law in the context ofthe development of international cooperation. The normative component of the right to development is considered. The relationshipbetween the right to development and the system of principles of international economic law is analyzed.The normative fixing of the elements of the right to development in international legal instruments is defined. The application ofthe right to development in the practice of international organizations is shown. The article also discusses the challenges of today’s sustainabledevelopment.Sustainable development is based on three main elements: environmental, economic and social equality. The right to developmentcan’t be imagined without the institutional mechanisms of international economic law. It is clear that the activities of institutional institutions at the global, regional and subregional levels contribute to the development of partnerships at the interstate level in order toachieve development. Cooperation of states at the institutional level influences the formation of the modern international economicorder. Implementing sustainable development at the national level is a difficult task due to the vagueness of national legislation, lackof funding and lack of adequate institutional capacity. An important element in exercising the right to development is the developmentof effective mechanisms for international cooperation. Transformations in this direction require coordination, mutual responsibility andaccountability, interest and efficiency. It is clear that the activities of international institutions at the global, regional and subregionallevels promote the development of partner relations at the interstate level in order to achieve development. Cooperation of states at theinstitutional level affects the formation of modern international economic order, accelerates the formation of important conceptual provisionsof a legal, economic and political nature and promotes global development. Transformation in this direction requires coordinationof action, mutual accountability and reporting, interest and effectiveness. The enhancement of transparency and accountability inthe use of development provides assistance in creation of effective and mutually beneficial partnerships in this area.