The Role of International Institutions in Enforcing International Economic Law: Analysis of Strength and Weaknesses

Abstract

This paper aims to highlight the role of international institutions in the enforcement of International Economic Law (IEL) and to critically assess their strengths and limitations. IEL serves as a crucial framework for facilitating global trade and investment, providing a regulatory foundation for cross-border commercial interactions. However, the mere existence of IEL’s principles and provisions does not guarantee compliance; their enforcement typically requires robust mechanisms. This article focuses on the enforcement of IEL through key international institutions such as the World Trade Organization (WTO), World Bank and International Monetary Fund (IMF). It highlights the deficiencies of the conventional state-centric mechanism and inspects different enforcement strategies used by these institutions. It also addresses methodological challenges faced by these mechanisms, including their reliance on substantial resources and the redistributive impacts of IMF and World Bank policies. The article concludes by proposing a range of actions that could be adopted to improve the effectiveness of enforcement, from opening up decision-making processes so they are more inclusive and fairer to maintaining international economic norms which have developed in an incompletely globalized but still highly integrated world.