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LAW 724 (16)
Chapter 3

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Ryerson University
Law and Business
LAW 724
Alyssa Brierley

Chapter 3 – Current and Emerging Challenges in the Global Regulatory Environment Significance o Involvement in regulatory system does not stop once a treaty-convention is of NGO agreed/signed on. o No definition of NGO in UN Charter Foremost o Provides arbitration and dispute resolution, advocates open trade, promotes NGO = business self-regulation International Chamber of o establishes rules for arbitration so that when they don’t meet certain criteria or can’t go to court in a certain jurisdiction they come to ICC for arbitration. Commerce “Shaming organizations into complying with international standards” UN Global Compact The UN Global Compact asks companies to embrace, support and enact, within their sphere of influence, a set of core values in the areas of human rights, labour standards, the environment and anti-corruption: Human Rights 1: Businesses should support and respect the protection of internationally proclaimed human rights; and 2: make sure that they are not complicit in human rights abuses. Labour 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining; 4: the elimination of all forms of forced and compulsory labour; 5: the effective abolition of child labour; and 6: the elimination of discrimination in respect of employment and occupation. Environment 7: Businesses should support a precautionary approach to environmental challenges; 8: undertake initiatives to promote greater environmental responsibility; and 9: encourage the development and diffusion of environmentally friendly technologies. Anti-Corruption • 10: Businesses should work against corruption in all its forms, including extortion and bribery. Global o Natural environment: who protects & regulates it Commons o What must be protected is NOT ONLY environment in individual countries BUT ALSO global commons – oceans & atmosphere (international responsibility) o UN has no direct mandate Kyoto =Kyoto protocol = 55 countries required for ratification protocol Non-participating countries =China, India, US 1. Legally binding commitments by developed countries 5 features to Kyoto protocol: • Developed countries agreed to instigate domestic policies to cut their greenhouse gas emission • List measures to help mitigate climate change (ex-enhance energy eff., promote sustainable agriculture, promote emission reduction) 2. Market based mechanisms: • Earn credit for emission or pay off emission – carbon trading scheme • Permit signatories to protocol to alter their assigned amounts of greenhouse gases by cross border trading of emission allowances and credits 3. Developed countries (special consideration) • Adaption for funding of developing countries given their difficulty in reducing emissions 4. Monitoring procedures ---- accounting system/reporting mechanisms 5. Compliance and dispute resolution o Parties first try to settle a dispute THROUGH NEGOTIATION o 2 step: International Court of Justice o ONLY signatory states may submit disputes to ICJ. Relevant o MFN: any negotiation should be available to all member countries Rules of GATT o National treatment: once good/service is legally present in a country it must receive the same treatment as domestic good/service (same tax/regulatory treatment) o ***IMPORT/EXPORT QUOTAS PROHOBITED W/ CERTAIN EXCEPTIONS FOR CRITICAL SHORTAGES, GRADING OR MARKETING STANDARDS*** Exception Under WTO, possible for member country to act inconsistently
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