Sustainable Development, International Law, and Trade

1954 WordsJan 31, 20188 Pages
Sustainable Development, International Law and the Impact of Trade At a time when trade continues to expand into the global economy, issues such as climate change, environmental protection and sustainable development are becoming increasingly important considerations in the process. However, the question is whether these issues are being adequately addressed by current International trade regulations, trade agreements and International law. According to the Australia Government, “sustainable development represents one of the greatest challenges facing Australia's governments, industry, business and community in the coming years”.1 What is Sustainable Development? The most widely accepted definition of sustainable development is from the Brundtland report, namely, “Sustainable Development is development that meets the needs of the present, without compromising the ability of future generations to meet their own needs.”2 This statement contains two main aspects, first that the present generation’s needs are met (intra-generational equity) but more importantly, that it is not made more difficult for future generation to meet their needs (inter-generational equity). Since the report was published, sustainable development has become an integral part of environmental policy and has been the subject of numerous conferences and summits including and the United Nations Conference on Environment and Development (UNCED) in 1992,3 the World Summit on Sustainable Development (WSSD,
Open Document