Although the problem of corruption is widespread, in Sub-Saharan Africa, corruption is endemic. There is surmounting evidence that corruption is rapidly impairing political, economic and social development in the Sub-Saharan region of Africa. The effects of corruption on economic growth and economic efficiency have discouraged foreign investment in that part of the African continent. Given the prevalence of corruption, the establishment of a Multilateral Investment Court (MIC) would be noble and timeous in Sub-Saharan Africa. The MIC would offer a platform for a strong dispute-resolution mechanism in dealing with corruption, and this would be mutually beneficial to foreign investors and Sub-Saharan African states. Foreign investors need to hedge their investments and the African states need foreign investment for their economies to grow. An assurance of an independent and efficient corruption-related dispute settlement mechanism would boost investor confidence, thereby attracting investment and development in the region.
The process of the establishment of the Multilateral Investment Court (MIC), to replace or operate in parallel to the current Investor State Dispute Settlement System (ISDS) system, is ongoing under the auspices of the United Nations Commission Trade Law (UNTRAL) Working Group III (Working Group III). In this forum, parties are invited to make submissions with a view to building support for on the establishment of the court. As expected, the submissions reveal varying concerns, perceptions and interests of states.
The AfSDJN reiterates that at a time when the legitimacy and credibility of the IMF in its relations with African countries is increasingly being called into question, the ongoing quota reform presents an opportunity to right the past wrongs and commit to genuine inclusion and meaningful participation of Africans in the institution. Short of this, African countries will continue to play catch up in a rigged game.
Abe’s book discusses the challenges associated with the utilisation of business and human rights principles in development projects in Africa using South Africa, Kenya and Nigeria as case studies. The author uses the United Nations Guiding Principles on Business and Human Rights (UNGPs) as a benchmark in making a case for human rights approach in the implementation of development projects in Africa. The author highlights the legal challenges of business and human rights in the extractive industry while underscoring the increasing significance of the implementation of a human rights approach in corporate governance regimes in the spotlighted nations. Many economies in Africa are heavily dependent on telecommunication, energy, extractives and the financial industries. Corporations in these industries often undertake activities with significant social, environmental and human rights implications.
The News and Events category publishes the latest News and Events relating to International Economic Law relating to Africa and the Global South. Every week, Afronomicslaw.org receive the News and Events in their e-mail accounts. The News and Events published every week include conferences, major developments in the field of International Economic Law in Africa at the national, sub-regional and regional levels as well as relevant case law. News and Events with a Global South focus are also often included.
The book 'Africa in the New Trade Environment; Market Access in Troubled Times' is a collection of articles edited by World Bank renowned economists; Souleymane Coulibaly, Woubet Kassa, and Albert G. Zeufack. The work builds on the expert panel discussions on the future of global trade and its impact on Africa, the theme explored at the World Bank Africa Knowledge Fest on February 22, 2017. The authors make it clear that their goal is ‘to present a strategy to bolster Sub-Saharan Africa’s market access in the current global environment’.
The lack of international cooperation and coordination during the COVID-19 pandemic has highlighted the importance of African efforts to enhance resilience and agency in international relations. While the African Union (AU) continues to face challenges in achieving greater continental integration, it has embarked on several important measures, including efforts to reform the AU to make it fitter for purpose and more efficient. Some of these efforts include reforms aimed at reducing the AU's dependence on external donors and the implementation of the African Continental Free Trade Area (AFCFTA), a flagship project of the AU's Agenda 2063.
The international adjudication of investor-state disputes is at a crossroads. Since 2017, negotiations have been underway at UNCITRAL for the reform of the current system of dispute settlement, what is typically called ISDS. Different visions of the reformed version of ISDS have emerged. At one end of the reform pendulum is systemic reform, at the other end there is the option of incremental reform, while in the middle there is an option of a combination between incremental reform and systemic reform. Finally, there is an option to move beyond reform and dismantle ISDS.
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The News and Events published every week include conferences, major developments in the field of International Economic Law in Africa at the national, sub-regional and regional levels as well as relevant case law.