The law and economics of international law draws upon various economic concepts, including Pareto efficiency, comparative advantage, and transaction costs, to analyze the economic implications of legal rules and institutions in the international arena.

The theory of comparative advantage states that countries should specialize in producing and exporting goods and services for which they have a comparative advantage, even if they do not have an absolute advantage in producing those goods and services.

Transaction costs encompass the costs of negotiating and enforcing contracts, the costs of producing and distributing goods and services, and the costs of government regulation.

The WTO promotes free trade among its member countries, resolves trade disputes between its member countries, and sets standards for international trade.

The GATT is a multilateral agreement that reduces tariffs on goods traded between its member countries.

The MFN principle requires countries to treat all other countries equally in terms of trade, grant the same trade concessions to all other countries, and prohibits countries from discriminating against other countries in terms of trade.

The World Bank provides loans to developing countries, promotes economic development in developing countries, and helps to coordinate economic policies among its member countries.

The IMF provides loans to countries experiencing balance of payments problems, promotes international monetary cooperation, and helps to stabilize the international monetary system.

The UNCTAD promotes trade and development among developing countries, provides technical assistance to developing countries, and conducts research on trade and development issues.

The UNCITRAL promotes the harmonization of international trade law, develops model laws and conventions on international trade law, and provides technical assistance to countries in the field of international trade law.

The ICSID resolves investment disputes between investors and host states, provides mediation and conciliation services, and administers arbitration proceedings.

The ICSID Convention provides a framework for the settlement of investment disputes between investors and host states, establishes the ICSID, and sets out the rules and procedures for ICSID arbitration.

The New York Convention requires countries to recognize and enforce foreign arbitral awards, sets out the grounds for refusing to recognize and enforce foreign arbitral awards, and provides a mechanism for the enforcement of foreign arbitral awards.

The CISG governs the formation and performance of international contracts for the sale of goods, sets out the rights and obligations of buyers and sellers in international sales contracts, and provides a uniform set of rules for the interpretation of international sales contracts.

The UNCEC provides a legal framework for the use of electronic communications in international contracts, sets out the requirements for the validity of electronic signatures, and establishes a uniform set of rules for the interpretation of electronic contracts.