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30 Yale J. Int'l L. 125 (2005)
A Bottom-up Approach to International Lawmaking: The Tale of Three Trade Finance Instruments

handle is hein.journals/yjil30 and id is 131 raw text is: A Bottom-Up Approach to International Lawmaking: The Tale of Three Trade Finance Instruments Janet Koven Levitt I. INTRODUCT10N ............................................................................................................................ 126 II. BoTroM-UP LAWMAKING IN INTERNATIONAL TRADE FINANCE ................................................. 132 A. The UCP 500, the International Chamber of Commerce, and Letters of Credit ............ 133 1. The Financial Instrument .................................................... 133 2. The Lawmaking Group: The ICC Banking Commission .................................... 134 3. Substantive R ules ................................................................................................ 137 4. Procedural, Interpretive, and Remedial Rules ................................................... 138 5. Legal Status of the U CP ...................................................................................... 140 B. The Berne Union and Export Credit Insurance .............................................................. 144 1. The Financial Instrum ent .................................................................................... 144 2. The Lawmaking Group: The Berne Union ..................................................... 146 3. Substantive R ules ................................................................................................ 149 4. Procedural, Interpretive, and Remedial Rules ................................................... 153 5. Legal Status of Berne Union Rules ..................................................................... 156 C. ECAs and the Arrangement on Officially Supported Export Credits ............................. 157 1. The Financial Instrum ent .................................................................................... 157 2. The Lawmaking Group: The Participants to the Arrangement .......................... 158 3. Substantive R ules ................................................................................................ 160 4. Procedural, Interpretive, and Remedial Rules .................................................. 162 5. Legal Status of the Arrangement ......................................................................... 163 D. The Anatomy of Bottom-Up International Lawmaking ................................................... 167 1. The Law m akers ................................................................................................... 167 2. Substantive N orm s .............................................................................................. 168 3. Institutionalization .............................................................................................. 170 4. A Closed Legal System: Procedural, Interpretive, and Remedial Norms ........... 171 5. From Soft to H ard Law ...................................................................................... 172 III. BoroM-UP INTERNATIONAL LAWMAKING: CHALLENGES TO THE PREVAILING INTERNATIONAL LEGAL FRAM EW ORKS .................................................................................................................. 173 A. International Lawmaking Theory ................................................................................... 173 1. Beyond Customary International Law ................................................................ 176 t Associate Professor of Law, University of Tulsa College of Law; Assistant General Counsel and Counsel, Office of General Counsel, Export-Import Bank of the United States (1998- 2000); Associate General Counsel, TradeCard, Inc. (2000-2002); J.D., Yale University, 1994; M.A., Yale University, 1994; A.B., Princeton University, 1990. I thank the University of Tulsa College of Law, and particularly Dean Martin Belsky, for giving financial support to this project. I am particularly grateful to the many trade finance practitioners who shared their expertise, including: Ron Katz, Policy Manager, Commission on Banking Technique and Practice, International Chamber of Commerce; Jim Cruse, Vice President of Policy, Export-Import Bank of the United States; and Piper Starr, Vice President of Planning and International Relations, Export-Import Bank of the United States. I am indebted to Paul Schiff Berman, Russell Christopher, Lyn Entzeroth, Peter Evans, Edward Koven, Tamara Piety, and Melissa Tatum for invaluable insights and suggestions. This Article benefits from the ongoing mentorship and guidance of Owen Fiss, Harold Hongju Koh, and W. Michael Reisman. I thank Kristin Brown, Cara Collinson, and Kari Krince for their research assistance. As always, I am deeply appreciative of my husband, Kenneth Levit, for his insightful comments and sincere encouragement. I dedicate this Article to my daughter, Rebecca, who dreams of being a storyteller; and to my son, Nathan, who introduced bottom-up lawmaking in our household.

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