The Spring issue of the NJCL brings you four articles, each dealing with a timely and contested issue in the field of international trade law with strong connotations to economic development on the global market.
First, Ahmad Ali Ghouri offers a unique insight into the controversial over-the-counter (OTC) derivatives market; an issue that is highly relevant in the contemporary turmoil of the global economy. Ali Ghouri compares the regulatory approaches of the United Kingdom and the United States and ponders the systemic benefits and pitfalls of regulating derivatives markets. He concludes that despite the inherent systemic risk in trading in derivatives, developing economies cannot afford to miss out on the benefits of hedging risks. Developing countries should therefore pursue derivatives regulation, and consequently, protect their developing economies against aggravated systemic risks.
Second, Elina Saxlin-Hautamäki tackles the issue of securing access to medicines in the developing world, while protecting the legitimate interests of patent holders; preventing ‘subsidized’ drugs ending up on the Western market. While agreement on amending the TRIPS Agreement has been reached, problems remain. Saxlin argues that there is room to maneuver within the existing provisions of the TRIPS Agreement, when interpreting the provisions in light of the general principles of international law. Pharmaceutical companies are also showing increasing willingness to cooperate in securing access to medicines in the developing world. Thus, Saxlin concludes, since neither legal nor practical hurdles are preventing flexible interpretation of international rules, government level resistance on both sides should seize.
Third, Peter Mezei argues for embracing the new digital culture, and recognizing its systemic effect and potential. The phenomena of Web 2.0 and peer-to-peer file sharing should not just be labeled good or bad, instead new digital technologies and consumer usages should be scrutinized bearing in mind that different usages can influence culture in different ways. They can improve, preserve or deteriorate culture, and legal rules should be fashioned with this in mind.
Fourth, Sanna Kyllönen delves into the law on international responsibility, and asks whether international organizations can and should be accountable for their actions under international law. Kyllönen concludes that the responsibility of international organizations under current law is very limited, and proposes four concrete steps for improvement and increasing accountability of international organizations.
I wish all NJCL-readers an enjoyable read!
Sincerely,
Katja Weckström
Editor-in-Chief
Nordic Journal of Commercial Law
The Law and Regulation of OTC Derivatives: An Anglo-American Comparison and Lessons for Developing Countries (Ahmad Ali Ghouri)
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Establishing Coherence: The Right to Access to Medicines, Pharmaceutical Patents and the WTO Medicines Decision (Elina Saxlin-Hautamäki)
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Digital Technologies – Digital Culture (Péter Mezei)
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