Economic component of the sustainable development concept

Keywords: the right to development, the principle, international economic law, international economic relations, international cooperation, international organizations

Abstract

The article deals with the problem of the realization of the right to development in international economic law in the context of
the development of international cooperation. The normative component of the right to development is considered. The relationship
between 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 of
the right to development in the practice of international organizations is shown. The article also discusses the challenges of today’s sustainable
development.
Sustainable development is based on three main elements: environmental, economic and social equality. The right to development
can’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 to
achieve development. Cooperation of states at the institutional level influences the formation of the modern international economic
order. Implementing sustainable development at the national level is a difficult task due to the vagueness of national legislation, lack
of funding and lack of adequate institutional capacity. An important element in exercising the right to development is the development
of effective mechanisms for international cooperation. Transformations in this direction require coordination, mutual responsibility and
accountability, interest and efficiency. It is clear that the activities of international institutions at the global, regional and subregional
levels promote the development of partner relations at the interstate level in order to achieve development. Cooperation of states at the
institutional level affects the formation of modern international economic order, accelerates the formation of important conceptual provisions
of a legal, economic and political nature and promotes global development. Transformation in this direction requires coordination
of action, mutual accountability and reporting, interest and effectiveness. The enhancement of transparency and accountability in
the use of development provides assistance in creation of effective and mutually beneficial partnerships in this area.

References

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Published
2020-11-10
How to Cite
Kharchuk, O. (2020). Economic component of the sustainable development concept. Law Review of Kyiv University of Law, 1(3), 378-382. https://doi.org/10.36695/2219-5521.3.2020.70
Section
The legal system of Ukraine and international law, comparative legal studies