Chapman Tripp, a leading New Zealand law firm, has published a visual diagram to illustrate the legal pathways required at both a domestic and international level, in order for businesses and economies to recover from the COVID-19 pandemic.
The infographic, Overcoming COVID-19: Critical legal pathways is made up of four quadrants covering domestic and international jurisdictions, from both a private and public law perspective. Each quadrant details what is needed to boost economies, across government action as well as private business, domestic and international trade.
Chapman Tripp Senior Associate, Nicola Swan, explains the big picture thinking behind the diagram. She said, “Our infographic identifies the new legal thinking that will be needed for governments and businesses to recover from COVID-19. We flag the unprecedented constitutional changes already underway and the threats to our usual understanding of how international law works. But we also spot opportunities for recovery, and trends to watch both in NZ and overseas.”
“Businesses, lenders and insurers should be looking to suspend, renegotiate or apply existing contracts, resolve disputes efficiently to preserve relationships, and then once we come out of COVID-19 lock down, include protections and flexibility in new contracts,” says Chapman Tripp partner, Daniel Kalderimis.
The firm also highlights that COVID-19 provides the impetus for a ‘Bretton Woods v.2’ – a name for the international economic arrangements that were put in place by the General Agreement on Tariffs and Trade, the International Monetary Fund, and the World Bank after World War II.
“This system has run into increasing headwinds in recent years and is now under threat. Emerging successfully from COVID-19 will require another unprecedented display of international cooperation by revisiting and reaffirming stable rules of engagement – for the movement of capital, people, goods and services – into the future,” says Kalderimis.
Trade law consultant at the firm, Tracey Epps, said, “COVID-19 knows no international boundaries. Amidst the uncertainty, one thing is certain: the more that the world acts together, the better the chances of a successful recovery. We have considered key threats presented by COVID-19 to the international order and what is needed in response. International law impacts nearly every aspect of our lives and it will be crucial to the world’s recovery and a better future”.
As the unprecedented situation continues to unfold, businesses are having to adjust to the many effects of COVID-19. Chapman Tripp has looked into some of the impacts and immediate implications for different industries and sectors in their COVID-19 Publication Series.