THE ROLE OF PRIVATE INTERNATIONAL LAW IN SHAPING THE LEGAL LANDSCAPE OF GLOBAL VALUE CHAINS (GVCs)

Abstract

Global Value Chains (GVC) are operational units in the economic production system. The development of GVCs during the twentieth and twenty-first centuries has generated extraordinary competitive advantages and wealth while connecting individuals, companies, and economies in various parts of the world (investment and alternative settlement solutions). However, GVCs are also the main cause of environmental degradation, carbon emissions and human rights violations which are hereinafter referred to as global production 'externalities' which are not covered by existing regulations and laws. Legal guarantees will also simplify the business contracts underlying all GVC activities, including increased purchasing from vendors, increased credit to suppliers for equipment rentals and purchases, and increased downstream sales of semi-finished goods, final goods, goods and services to other partners along the way. value chain. This article examines the role of Private International Law (PIL) to map GVCs onto specific beliefs. The analysis results show that PIL, which focuses on individual entities, cannot accommodate a systematic legal approach to GVCs, which are collective entities. The lack of a systematic approach of PIL supports global production externalities. However, despite this the growing operationalization of GVC law provides a functional analysis to understand, systematize, limit and develop the role of PIL as a fundamental transnational law in regulating global production related to GVCs.

Keywords: global value chain, private international law