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Abstract The international system is currently undergoing a process of reconfiguration that is having an impact on all areas of global development. In this process of reordering power relations, there is a tendency to move towards multipolarity, leaving behind the unipolar coalition established after the Second World War. In this context, several emerging powers are gaining increasing international power, which has led to changes in the hierarchy of power on the international geopolitical chessboard. Such is the case of the People's Republic of China, which has established itself not only as a power of great impact and relevance in the Asian region, but also in the entire international system. Namely, the management of the government and the Party in terms of innovation, industrialization, informatization, productivity, expansion and internationalization of its economic model, positions this country as the most dynamic center of the international economy. Evidencing that alternative models to the capitalist system are possible and viable, which strengthens the trend towards a systemic transition and multipolarity in the International System Introduction In the last two decades, a set of geopolitical and geoeconomic tensions and conflicts have become evident, with significant implications extending throughout the International System. As a result, we are currently experiencing a convulsion of the established order, giving way to a process of new global reconfigurations. In this context, several researchers and academics such as Jorge Casals, Leyde Rodríguez, Juan Sebastián Schulz, among others, have noted that these conditions have led to a crisis and hegemonic transition process, with a trend toward multipolarity in which the Asia-Pacific region is gaining increasing relevance. This article, titled "The International Reconfiguration’s Process Towards Multipolarity: The Role of China as an Emerging Power," is dedicated to analyzing the position of this country within the current international reconfiguration of power. Accordingly, the first section will systematize some essential guidelines to understand the current crisis and the decline of the hegemonic order established in the post-World War II period. The second section will address China's positioning amid the international reconfiguration of power. In this regard, it is important to note that China's rapid rise highlights how development management aligned with the Sustainable Development Goals can lead to a shift in the paradigm of international relations, as well as power reconfigurations that challenge the current balance of forces. Thus, it can be affirmed that China's rise constitutes a decisive element within the current trend toward multipolarity. DevelopmentNew International Order: Approaches to the Multipolar Reconfiguration of the International System The current international context is marked by a process of crisis. This crisis reflects the fact that the world order no longer aligns with the correlation of forces that gave rise to it during the post-World War II period. It is not a circumstantial crisis, but rather the interlinking of various interconnected crises that span across all sectors of life. That is to say, the effects of one crisis often become the causes of another, involving economic, political, social, cultural, ethical, moral, technological, commercial, and environmental components. In other words, it is a structural and systemic crisis—one that cannot be resolved unless a similarly systemic transformation occurs. To gain greater clarity, it is important to consider that the consolidation of the capitalist system brought about the process of globalization. This, in turn, introduced large-scale production and technological development capable of increasing output. This process, along with other characteristics of the system, has exponentially accelerated social inequalities between developed and developing countries. It has also led to strategic tensions over the control of resources, raw materials, and inputs, resulting in geopolitical conflicts. Furthermore, the capitalist system has imposed an extremely high environmental cost, demonstrating that it is exceeding both its own limits and those of the planet. Specifically, in its constant pursuit of profit and maximization of gains, negative environmental impacts are not factored into cost-benefit analyses, leading to widespread environmental degradation. Among other harms caused by the system, we observe a decline in investment rates, an increase in public debt, loss of autonomy in monetary policy, rising unemployment levels, reductions in real wages, and growing inequality, among others. In short, capitalism has become an unsustainable system whose primary concern is profit generation—something that is currently entirely incompatible with environmental preservation and the responsible use of natural resources. Therefore, it can be affirmed that some of its most alarming effects include: vast amounts of currency without backing, increasingly concentrated in fewer hands; acceleration of capital concentration in the West; rising military expenditures; and environmental pollution and destruction (Casals, J., 2023). On the other hand, it is necessary to clarify that, for a particular state to be considered hegemonic, it must not only exert its influence predominantly within the system of international relations; its hegemonic role must also be linked to the founding and establishment of a universally accepted concept of world order. That is, the majority of other states must recognize it as such and identify with the model promoted by the hegemon. Therefore, it is not merely a matter of a hierarchical order among states, but rather the adoption of a dominant model of production that involves those states. As a result, certain mechanisms or general rules of conduct are established for the participating states. For this reason, a hegemonic crisis involving the dominant actor in the system of international relations leads to a crisis in the social, economic, political, and institutional structures upon which that actor’s dominance was built. In light of these elements, we currently observe a set of powers within the International System that are vying to establish a new distribution of power—one that moves away from the unipolar coalition led by the United States following World War II. From this perspective, Juan Sebastián Schulz asserts: “A hegemonic crisis occurs when the existing hegemonic state lacks either the means or the will to continue steering the interstate system in a direction broadly perceived as favorable—not only for its own power, but also for the collective power of the dominant groups within the system.” (Schulz, J. S., 2022) As a result, strategic alliances have been formed and new power groups have emerged that influence international relations.These blocs are precisely what the new polarity is forming around, increasingly reinforcing the trend toward multipolarity. This is a system in which hegemonic influence is not determined by a single power, but by two, three, or more. In this regard, Juan Sebastián Schulz further notes that a process of insubordination is becoming evident, particularly in the Western peripheries. As a consequence, several countries have begun to criticize the configuration of the contemporary world order, initiating efforts to organize and propose alternative models (Schulz, J. S., 2022). This reveals the emergence of a new kind of power hierarchy, generating a global order in which a diversity of forces and actors prevails. In this context, China has experienced rapid growth, thereby contributing to the trend toward multipolarity. While this does not imply that the United States will cease to be one of the central powers in the system of international relations—given its considerable global influence—it is evident that there is a noticeable decline in the dominance it held during the unipolar era that emerged after the collapse of the USSR in 1991. This process of intersystemic transition unfolds in various phases. First, there is an observable economic transition marked by a shift in the center of gravity of the global economy toward emerging and developing economies. This shift is accompanied by a necessary technological transition, characterized by a new struggle—this time to lead the technological revolution. These changes, in turn, must be supported by a political transition. Currently, countries from the Global South have gained increasing prominence on the international stage [1]. From this foundation, a geopolitical transition is also underway, where the center of gravity and decision-making—once concentrated in the Anglo-Saxon West—is shifting toward the Asia-Pacific region. Finally, a cultural or civilizational transition is taking place, wherein the previously dominant value system is giving way to the rise of a new worldview. Based on this, the phases of the transition process can be outlined as follows: Existence of a stable order that brings together the majority of nation-states in the International System. - A crisis of legitimacy begins to affect the established global order. - A deconcentration and delegitimization of power emerges, impacting the hegemonic power. - An arms race and formation of alliances ensue in an attempt to preserve the hierarchical order by any means. This leads to a widespread crisis and the rise and emergence of new actors. - A necessary resolution of the international crisis. - Renewal of the system. (Schulz, J. S., 2022) In light of the above, it can be stated that a “new international order” is taking shape. Its manifestations are multifaceted, such as: - The rise of movements and associations of states that serve as alternatives to the neoliberal order. - Emerging powers like China and Russia are gaining strength in various sectors of the international geopolitical arena. - Russia's confrontation with NATO in the context of the conflict with Ukraine. - Sanctions imposed by the United States on various NATO and European Union countries have strengthened the BRICS nations. - The incorporation of new members into BRICS can be seen as an attempt to counterbalance the economic and political dominance of the United States and the European Union. - The expansion of anti-imperialist and anti-neoliberal integration mechanisms that promote South-South cooperation, such as the G-77 + China group. - The financial sanctions imposed by the West on Russia in the context of the Ukraine conflict have sparked a debate about the viability of the international monetary system and the role of the U.S. dollar as a reserve currency. - China and Russia conduct transactions in yuan and sell oil in this currency to Iran, Venezuela, and Gulf countries. China has increased its economic and political influence in the world, which can be seen as a challenge to U.S. hegemony. Its leadership within BRICS and its growing role in the global economy may be indicators of a shift in the balance of power. All these developments reflect a growing awareness within the International System of States regarding the importance of international cooperation to address global challenges such as the climate crisis, pandemics, and food security. They also serve as indicators that a transformation is underway in the way countries interact with each other, resulting in a shift in the economic, political, and strategic center of gravity. In this context, the United States has unleashed a global hybrid war as a desperate attempt to defend and maintain its hegemonic position, which once appeared unshakable in the postwar world. To this end, it has targeted China, as the latter represents its main threat in the economic and scientific-technological order. From this perspective, tensions between the United States and China have significantly deteriorated since the Republican administration of President Donald Trump. Beginning in 2017, his policy took on an aggressive stance toward China, manifesting through a trade war and economic attacks aimed at preserving U.S. global hegemony. This demonstrates that, in response to a process of decline already underway, nationalist and protectionist efforts intensified in the U.S., with policies targeting some of the emerging pillars of the crisis-ridden world order—China being a primary example. Under the administration of Joseph Biden, the focus shifted toward competition, emphasizing the commitment to protect U.S. sovereignty from potential Chinese threats. A significant shift in U.S. foreign policy toward Taiwan became evident with the approval of arms sales to Taiwan in August 2023, which escalated tensions in the region (Collective of Authors). Furthermore, in recent years, the United States has increasingly worked to generate geopolitical and geoeconomic motivations aimed at fostering tensions between China and Russia, potentially sparking conflict between the two. It has strengthened alliances with neighboring countries of these powers—most notably Taiwan and Ukraine—which has triggered concerns and tensions in both nations. A containment policy has also been deployed, including the imposition of trade barriers and tariffs on Chinese products; restricting Chinese companies’ access to U.S. technology and markets; and promoting the diversification of supply chains to reduce dependence on China. Nevertheless, the ongoing sanctions and restrictions have only served to reaffirm the shared survival interests of both powers, strengthening corporate ties and relations between them. These actions also reflect the growing concern among U.S. power groups over the decline of their hegemonic dominance. The Emergence of China and Its Role in the Transition Toward Multipolarity In a previous article titled "The Synergy Between Economy and Environment in China Through the Achievement of the Sustainable Development Goals," (‘La sinergia entre economía y medio ambiente en China mediante la consecución de los Objetivos de Desarrollo Sostenible’) the process of socioeconomic transformations experienced in the People's Republic of China over the past decade was discussed. These transformations have been primarily aimed at revitalizing the nation in preparation for its centenary in 2049. This strategy is rooted in aligning the Centenary Goals with the Sustainable Development Goals (SDGs) set for 2030, under the leadership of the Communist Party and the momentum driven by President Xi Jinping. The results of this strategy have had an impact not only on the Asian Giant itself—now a decisive actor in the Asian region—but also on the international order as a whole. As a result, China has emerged as a powerful rising power, with promising prospects for further elevating its development standards. This is backed by sustained GDP growth, averaging between 6% and 8% annually, indicating a robust economy. In addition, China holds vast foreign exchange reserves, granting it economic stability and the capacity to withstand potential external shocks. It also invests heavily in modern infrastructure and cutting-edge sectors such as artificial intelligence, 5G technology, and renewable energy—all of which enhance its competitiveness and lay the groundwork for long-term sustainable growth (Lagarde, CH). Nonetheless, China has also had to confront significant challenges in its gradual and progressive approach to the desired development model. Among these is the environmental cost associated with its rapid economic growth. For instance, China still experiences high levels of greenhouse gas (GHG) emissions, along with air, water, and soil pollution. In response, measures have been implemented such as the establishment of a national monitoring network and the replacement of coal heating systems in Beijing. Efforts have also been made to purify water resources polluted by industrial processes, and imports of solid waste have been reduced to help decontaminate soils affected by industrial and agricultural activities (González, R., 2023). In general, the development of renewable energy and a circular economy model is being promoted to enable a gradual transition toward a green economy, grounded in the concept of an ecological civilization. For this reason, China’s new era is committed to scientific and technological innovation as a means of driving economic growth that is both sustainable and capable of ensuring a higher quality of life for its population. This, in turn, leads gradually toward a new model of political leadership and economic management. In this regard, Jin Keyu, Professor of Economics at the London School of Economics and Political Science (LSE), has stated that “trillions of dollars of investment are needed for the global green transition, and China is going to play an essential role in that transformation” (Feingold, S., 2024). Based on the aforementioned elements, various authors such as Dr. C. Charles Pennaforte, Dr. C. Juan Sebastián Schulz, Dr. C. Eduardo Regalado Florido, among others, have indicated that the millenary nation represents a threat to the hegemony held by the United States since World War II. Consequently, it is recognized that a process of hegemonic crisis and transition is currently underway, with the Asia-Pacific region emerging as the center of gravity of the global power, thereby contributing to the multipolar transformation of the International System. The authors of “Is China Changing the World?” argue that “market socialism with “Chinese characteristics” must gradually and more clearly diverge from capitalism if it is to embody a genuinely alternative path for all of humanity.” In pursuit of this goal, China bases its policy of peaceful coexistence on five fundamental principles:Respect for sovereignty and territorial integrity, regardless of a country's size, power, or wealth. Mutual non-aggression Non-interference in the internal affairs of other countries, acknowledging that each nation has the right to freely choose its own social system and path of development. Equality and mutual benefit Peaceful coexistence. (Herrera, R.; Long, Z.; and Andréani, T., 2023) The rise of China as a major international power under these principles has been consolidating since 2012 under the leadership of Xi Jinping and the Communist Party of China (CPC), gaining particular momentum from 2020 to the present. Thus, China has not only become the leading power within the Asian regional balance but has also expanded its presence across Europe, Africa, and Latin America—primarily through loans, investments, and multilateral cooperation initiatives such as the Forum on China-Africa Cooperation (FOCAC) in Africa and the China-CELAC Forum in Latin America. In addition, China has positioned itself as a leader in several sectors, and it is projected that its economy may surpass that of the United States, increasing its Gross Domestic Product (Rodríguez, L., 2022). It has also undergone a process of opening up, energizing both its international trade and its overall foreign relations, all under the control of the Government and the Party. This, combined with its rise and development initiatives, has made China a focal point of interest for many countries within the International System seeking to jointly advance projects based on cooperation, the principle of shared advantage, and multilateralism. In this regard, the white paper "China and the World in the New Era," published by the Central Committee of the Communist Party of China in 2019, states: “The world is moving rapidly toward multipolarity, diverse models of modern development, and collaboration in global governance. It is now impossible for a single country or bloc of countries to dominate world affairs. Stability, peace, and development have become the common aspirations of the international community.” (People’s Republic of China, 2019. Quoted in Schulz, J. S., 2022) Undoubtedly, this rise has become a source of concern for U.S. power groups, which have increasingly applied geostrategic pressure. Notably, the United States has strengthened military alliances with India, Japan, and Australia in an effort to encircle China and attempt to control or obstruct its maritime routes—this also being a manifestation of the intensification of the imperialist arms race. Nonetheless, China has maintained its development strategy and, as part of it, has strengthened its diplomatic network and its relations with multiple countries across all world regions. For all these reasons, China has become the most dynamic center of the global economy. Notably, it went from representing 4% of global GDP in 1960 to 16% in 2020—undeniable evidence of rapid economic growth. Moreover, it has become the world’s largest exporter of goods and also the leading importer, establishing itself as a major industrial power. In this regard, United Nations data reveal that China leads global industrial production, accounting for 30% of the total. This figure surpasses other industrial powers such as the United States (16%), Japan (7%), Germany (5.7%), and South Korea (3.2%) (Schulz, J. S., 2022). In addition, China has remained the world’s leading manufacturing power for approximately 15 consecutive years, according to statements from the Ministry of Industry and Information Technology at the beginning of this year. This sector alone has contributed over 40% to overall growth. Likewise, in 2024, China experienced a significant increase in foreign investment, reflecting its interest in strengthening international cooperation for development. Efforts are also underway for urban renewal in 2024, with around 60,000 projects being implemented across various cities. These initiatives are primarily aimed at transforming underdeveloped neighborhoods and creating smarter urban areas (Embassy of the Republic of Cuba in the People's Republic of China, 2025). In this regard, the following graphs illustrate the value of China’s international trade during the 2016–2024 period, highlighting a strong presence of exports compared to imports. A second chart shows China's global export share, where it holds a dominant position.   Thus, China has risen as a center of power in the international system, with leadership not only in the economic domain but also in science and technology. At the same time, it has promoted a series of investments and a process of internationalizing its national currency. Accordingly, the Asian Giant offers an alternative model of development—one that is more comprehensive and sustainable—allowing it to propel the new phase of Chinese development. This phase aims not only to fulfill the dream of national rejuvenation but also to ensure the survival of its unique political, economic, and social model. Nevertheless, the significant challenges of sustaining growth cannot be overlooked. From this perspective, experts believe that new avenues of growth will be necessary for China to maintain the trajectory it has been experiencing. Specifically, the country must continue expanding its industrial sector while strengthening areas such as artificial intelligence, digital financial services, and green technologies (Feingold, S., 2024). It is also important to highlight the projected continuity and leadership of the Chinese government, with Xi Jinping identified as a key figure in the implementation of the Sustainable Development Goals (SDGs) in China, in conjunction with the socioeconomic transformation strategy toward the 2049 centenary. This has been pursued through the defense of multilateralism, economic openness, and international integration and cooperation in support of global development. Conclusions In light of the above, a decline in U.S. hegemony can be observed, even though this process is not linear—nor is it certain whether any single power or coalition has come to occupy a hegemonic position. What is clear, however, is the existence of a trend toward multipolarity, driven by emerging powers and the strategic ties they are establishing. This is giving rise to a non-hegemonic reconfiguration of power blocs, which are building a multilateral and multipolar institutional framework. It can also be affirmed that China has become the most dynamic center of the global economy. This has been supported by its growth strategy focused on industrialization, digitalization, innovation, productivity, expansion, and internationalization of its development model—while maintaining a strong emphasis on environmental sustainability. A range of key initiatives and development projects have been implemented to support the country's rise, consolidating its role in the multipolar reconfiguration of the International System. All of this has been essential in driving China’s new phase of development and contributing to the broader process of multipolar transformation. Undoubtedly, China’s rapid ascent represents a significant challenge to the International System, as it reflects a shift in international relations and a transformation in the distribution and hierarchy of global power. Notes [1] It is important to clarify that the so-called Global South should not be equated with the Third World, as the distinction between the First and Third Worlds is primarily based on economic and technological differences, which do not align with the current circumstances of the International System of States. In contrast, the term Global South emerges from a new geopolitical perspective that arose in the post–Cold War context, driven by the need to promote South-South cooperation. 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Abstract We examine the roles of Gold and Bitcoin as a hedge, a safe haven, and a diversifier against the coronavirus disease 2019 (COVID-19) pandemic and the Ukraine War. Using a rolling window estimation of the dynamic conditional correlation (DCC)-based regression, we present a novel approach to examine the time-varying safe haven, hedge, and diversifier properties of Gold and Bitcoin for equities portfolios. This article uses daily returns of Gold, Bitcoin, S&P500, CAC 40, and NSE 50 from January 3, 2018, to October 15, 2022. Our results show that Gold is a better safe haven than the two, while Bitcoin exhibits weak properties as safe haven. Bitcoin can, however, be used as a diversifier and hedge. This study offers policy suggestions to investors to diversify their holdings during uncertain times. Introduction Financial markets and the diversity of financial products have risen in both volume and value, creating financial risk and establishing the demand for a safe haven for investors. The global financial markets have faced several blows in recent years. From the Global Financial Crisis (GFC) to the outbreak of the pandemic and uncertainty regarding economic policy measures of governments and central banks, the financial markets including equity markets around the world were faced with severe meltdowns. This similar behavior was observed in other markets including equity and commodity markets, resulting in overall uncertainty. In this scenario, the investors normally flock toward the safe-haven assets to protect their investment. In normal situations, investors seek to diversify or hedge their assets to protect their portfolios. However, the financial markets are negatively impacted when there are global uncertainties. Diversification and hedging methods fail to safeguard investors’ portfolios during instability because almost all sectors and assets are negatively affected (Hasan et al., 2021). As a result, investors typically look for safe-haven investments to safeguard their portfolios under extreme conditions (Ceylan, 2022). Baur and Lucey (2010) provide the following definitions of hedge, diversifier, and safe haven: Hedge: An asset that, on average, has no correlation or a negative correlation with another asset or portfolio. On average, a strict hedge has a (strictly) negative correlation with another asset or portfolio.Diversifier: An asset that, on average, has a positive correlation (but not perfect correlation) with another asset or portfolio. Safe haven: This is the asset that in times of market stress or volatility becomes uncorrelated or negatively associated with other assets or a portfolio. As was previously indicated, the significant market turbulence caused by a sharp decline in consumer spending, coupled with insufficient hedging opportunities, was a common feature of all markets during these times (Yousaf et al., 2022). Nakamoto (2008) suggested a remedy by introducing Bitcoin, a “digital currency,” as an alternative to traditional fiduciary currencies (Paule-Vianez et al., 2020). Bitcoin often described as “Digital Gold” has shown greater resilience during periods of crises and has highlighted the potential safe haven and hedging property against uncertainties (Mokni, 2021). According to Dyhrberg (2016), the GFC has eased the emergence of Bitcoin thereby strengthening its popularity. Bouri et al. (2017) in their study indicate that Bitcoin has been viewed as a shelter from global uncertainties caused by conventional banking and economic systems. Recent research has found that Bitcoin is a weak safe haven, particularly in periods of market uncertainty like the coronavirus disease 2019 (COVID-19) crisis (Conlon & McGee, 2020; Nagy & Benedek, 2021; Shahzad et al., 2019; Syuhada et al., 2022). In contrast to these findings, a study by Yan et al. (2022) indicates that it can function as a strong safe haven in favorable economic times and with low-risk aversion. Ustaoglu (2022) also supports the strong safe-haven characteristic of Bitcoin against most emerging stock market indices during the COVID-19 period. Umar et al. (2023) assert that Bitcoin and Gold are not reliable safe-havens. Singh et al. (2024) in their study reveal that Bitcoin is an effective hedge for investments in Nifty-50, Sensex, GBP–INR, and JPY–INR, at the same time a good diversifier for Gold. The study suggests that investors can incorporate Bitcoin in their portfolios as a good hedge against market volatility in equities and commodities markets. During the COVID-19 epidemic, Barbu et al. (2022) investigated if Ethereum and Bitcoin could serve as a short-term safe haven or diversifier against stock indices and bonds. The outcomes are consistent with the research conducted by Snene Manzli et al. (2024). Both act as hybrid roles for stock market returns, diversifiers for sustainable stock market indices, and safe havens for bond markets. Notably, Bhuiyan et al. (2023) found that Bitcoin provides relatively better diversification opportunities than Gold during times of crisis. To reduce risks, Bitcoin has demonstrated a strong potential to operate as a buffer against global uncertainty and may be a useful hedging tool in addition to Gold and similar assets (Baur & Lucey, 2010; Bouri et al., 2017; Capie et al., 2005; Dyhrberg, 2015). According to Huang et al. (2021), its independence from monetary policies and minimal association with conventional financial assets allow it to have a safe-haven quality. Bitcoins have a substantial speed advantage over other assets since they are traded at high and constant frequencies with no days when trading is closed (Selmi et al., 2018). Additionally, it has been demonstrated that the average monthly volatility of Bitcoin is higher than that of Gold or a group of international currencies expressed in US dollars; nevertheless, the lowest monthly volatility of Bitcoin is lower than the maximum monthly volatility of Gold and other foreign currencies (Dwyer, 2015). Leverage effects are also evident in Bitcoin returns, which show lower volatilities in high return periods and higher volatilities in low return times (Bouri et al., 2017; Liu et al., 2017). According to recent research, Bitcoins can be used to hedge S&P 500 stocks, which increases the likelihood that institutional and retail investors will build secure portfolios (Okorie, 2020). Bitcoin demonstrates strong hedging capabilities and can complement Gold in minimizing specific market risks (Baur & Lucey, 2010). Its high-frequency and continuous trading further enrich the range of available hedging tools (Dyhrberg, 2016). Moreover, Bitcoin spot and futures markets exhibit similarities to traditional financial markets. In the post-COVID-19 period, Zhang et al. (2021) found that Bitcoin futures outperform Gold futures.Gold, silver, palladium, and platinum were among the most common precious metals utilized as safe-haven investments. Gold is one such asset that is used extensively (Salisu et al., 2021). Their study tested the safe-haven property of Gold against the downside risk of portfolios during the pandemic. Empirical results have also shown that Gold functions as a safe haven for only 15 trading days, meaning that holding Gold for longer than this period would result in losses to investors. This explains why investors buy Gold on days of negative returns and sell it when market prospects turn positive and volatility decreases (Baur & Lucey, 2010). In their study, Kumar et al. (2023) tried to analyse the trends in volume throughout futures contracts and investigate the connection between open interest, volume, and price for bullion and base metal futures in India. Liu et al. (2016) in their study found that there is no negative association between Gold and the US stock market during times of extremely low or high volatility. Because of this, it is not a strong safe haven for the US stock market (Hood & Malik, 2013). Post-COVID-19, studies have provided mixed evidence on the safe-haven properties of Gold (Bouri et al., 2020; Cheema et al., 2022; Ji et al., 2020). According to Kumar and Padakandla (2022), Gold continuously demonstrates safe-haven qualities for all markets, except the NSE, both in the short and long term. During the COVID-19 episode, Gold’s effectiveness as a hedge and safe-haven instrument has been impacted (Akhtaruzzaman et al., 2021). Al-Nassar (2024) conducted a study on the hedge effectiveness of Gold and found that it is a strong hedge in the long run. Bhattacharjee et al. (2023) in their paper examined the symmetrical and asymmetrical linkage between Gold price levels and the Indian stock market returns by employing linear autoregressive distributed lag and nonlinear autoregressive distributed lag models. The results exhibit that the Indian stock market returns and Gold prices are cointegrated. According to the most recent study by Kaczmarek et al. (2022), Gold has no potential as a safe haven, despite some studies on the COVID-19 pandemic showing contradictory results. The co-movements of Bitcoin and the Chinese stock market have also normalized as a result of this epidemic (Belhassine & Karamti, 2021). Widjaja and Havidz (2023) verified that Gold was a safe haven asset during the COVID-19 pandemic, confirming the Gold’s safe-haven characteristic. As previously pointed out, investors value safe-haven investments in times of risk. Investors panic at these times when asset prices fall and move from less liquid (risky) securities to more liquid (safe) ones, such as cash, Gold, and government bonds. An asset must be bought and sold rapidly, at a known price, and for a reasonably modest cost to be considered truly safe (Smales, 2019). Therefore, we need to properly re-examine the safe-haven qualities of Gold and Bitcoin due to the mixed evidences regarding their safe-haven qualities and the impact of COVID-19 and the war in Ukraine on financial markets. This work contributes to and deviates from the body of existing literature in the following ways. We propose a novel approach in this work to evaluate an asset’s time-varying safe haven, hedge, and diversifier characteristics. This research examines the safe haven, hedging, and diversifying qualities of Gold and Bitcoin against the equity indices; S&P 500, CAC 40, and NSE 50. Through the use of rolling window estimation, we extend the methodology of Ratner and Chiu (2013) by estimating the aforementioned properties of the assets. Comparing rolling window estimation to other conventional techniques, the former will provide a more accurate representation of an asset’s time-varying feature. This study explores the conventional asset Gold’s time-varying safe haven, hedging, and diversifying qualities during crises like the COVID-19 pandemic and the conflict in Ukraine. We use Bitcoin, an unconventional safe-haven asset, for comparison. Data and Methodology We use the daily returns of three major equity indices; S&P500, CAC 40, and NSE 50 from January 3, 2018, to October 15, 2022. The equity indices were selected to represent three large and diverse markets namely the United States, France, and India in terms of geography and economic development. We assess safe-haven assets using the daily returns of Gold and Bitcoin over the same time. Equity data was collected from Yahoo Finance, Bitcoin data from coinmarketcap.com, and Gold data from the World Gold Council website. Engle (2002) developed the DCC (Dynamic Conditional Correlation)-GARCH model, which is frequently used to assess contagion amid pandemic uncertainty or crises. Time-varying variations in the conditional correlation of asset pairings can be captured using the DCC-GARCH model. Through employing this model, we can analyse the dynamic behavior of volatility spillovers. Engle’s (2002) DCC-GARCH model contains two phases; 1. Univariate GARCH model estimation2. Estimation of time-varying conditional correlation. For its explanation, mathematical characteristics, and theoretical development, see here [insert the next link in “the word here” https://journals.sagepub.com/doi/10.1177/09711023251322578] Results and Discussion The outcomes of the parameters under the DCC-GARCH model for each of the asset pairs selected for the investigation are shown in Table 1.   First, we look at the dynamical conditional correlation coefficient, ρ.The rho value is negative and insignificant for NSE 50/Gold, NSE 50 /BTC, S&P500/Gold, and S&P500/BTC indicating a negative and insignificant correlation between these asset pairs, showing Gold and Bitcoin as potential hedges and safe havens. The fact that ρ is negative and significant for CAC 40/Gold suggests that Gold can be a safe haven against CAC 40 swings. The asset pair CAC/BTC, on the other hand, has possible diversifier behavior with ρ being positive but statistically insignificant. Next, we examine the behavior of the DCC-GARCH parameters; α and β. We find that αDCC is statistically insignificant for all the asset pairs, while βDCC is statistically significant for all asset pairs. βDCC quantifies the persistence feature of the correlation and the extent of the impact of volatility spillover in a particular market’s volatility dynamics. A higher βDCC value implies that a major part of the volatility dynamics can be explained by the respective market’s own past volatility. For instance, the NSE 50/Gold’s βDCC value of 0.971 shows that there is a high degree of volatility spillover between these two assets, with about 97% of market volatility being explained by the assets’ own historical values and the remainder coming from spillover. Thus, we see that the volatility spillover is highly persistent (~0.8) for all the asset pairs except NSE 50/BTC. The results above show that the nature of the dynamic correlation between the stock markets, Bitcoin and Gold is largely negative, pointing toward the possibility of Gold and Bitcoin being hedge/safe haven. However, a detailed analysis is needed to confirm the same by employing rolling window analysis, and we present the results in the forthcoming section. We present the rolling window results for S&P500 first. We present the regression results for Gold in Figure 1 and Bitcoin in Figure 2   Figure 1. Rolling Window Regression Results for S&P500 and Gold.Note: Areas shaded under factor 1 represent significant regression coefficients. In Figure 1, we examine the behavior of β0 (intercept term), β1, β2, and β3 (partial correlation coefficients). The intercept term β0 will give an idea about whether the asset is behaving as a diversifier or hedge. Here, the intercept term shows significance most of the time. However, during 2018, the intercept was negative and significant, showing that it could serve as a hedge during geopolitical tensions and volatilities in the global stock market. However, during the early stages of COVID-19, we show that the intercept is negative and showing statistical significance, suggesting that Gold could serve as a hedge during the initial shocks of the pandemic. These findings are contrary to the results in the study by Tarchella et al. (2024) where they found hold as a good diversifier. Later, we find the intercept to be positive and significant, indicating that Gold could act as a potential diversifier. But during the Russia-Ukraine War, Gold exhibited hedge ability again. Looking into the behavior of β1, which is the partial correlation coefficient for the tenth percentile of return distribution shows negative and insignificant during 2018. Later, it was again negative and significant during the initial phases of COVID-19, and then negative in the aftermath, indicating that Gold could act as a weak safe haven during the COVID-19 pandemic. Gold could serve as a strong safe haven for the SP500 against volatility in the markets brought on by the war in Ukraine, as we see the coefficient to be negative and large during this time. From β2 and β3, the partial correlation coefficients of the fifth and first percentile, respectively, show that Gold possesses weak safe haven properties during COVID-19 and strong safe haven behavior during the Ukraine crisis. Next, we examine the characteristics of Bitcoin as a hedge/diversifier/safe haven against the S&P500 returns. We present the results in Figure 2.   Figure 2. Rolling Window Regression Results for S&P500 and Bitcoin.Note: Areas shaded under factor 1 represent significant regression coefficients. Like in the previous case, we begin by analysing the behavior of the intercept coefficient, which is β0. As mentioned earlier the intercept term will give a clear picture of the asset’s hedging and diversifier property. In the period 2018–2019, the intercept term is positive but insignificant. This could be due to the large volatility in Bitcoin price movements during the period. It continues to be minimal (but positive) and insignificant during 2019–2020, indicating toward weak diversification possibility. Post-COVID-19 period, the coefficient shows the significance and positive value, displaying the diversification potential. We see that the coefficient remains positive throughout the analysis, confirming Bitcoin’s potential as a diversifier. Looking into the behavior of β1 (the partial correlation coefficient at tenth percentile), it is positive but insignificant during 2018. The coefficient is having negative sign and showing statistical significance in 2019, suggesting that Bitcoin could be a good safe haven in that year. This year was characterized by a long list of corporate scandals, uncertainties around Brexit, and tensions in global trade. We can observe that throughout the COVID-19 period, the coefficient is showing negative sign and negligible during the March 2020 market meltdown, suggesting inadequate safe-haven qualities. However, Bitcoin will regain its safe-haven property in the coming periods, as the coefficient is negative and significant in the coming months. The coefficient is negative and shows statistical significance during the Ukrainian crisis, suggesting strong safe-haven property. Only during the Ukrainian crisis could Bitcoin serve as a safe haven, according to the behavior of β2, which displays the partial correlation coefficient at the fifth percentile. Bitcoin was a weak safe haven during COVID-19 and the Ukrainian crisis, according to β3, the partial correlation coefficient for the first percentile (coefficient negative and insignificant). According to the overall findings, Gold is a stronger safe haven against the S&P 500’s swings. This result is consistent with the previous studies of Triki and Maatoug (2021), Shakil et al. (2018), Będowska-Sójka and Kliber (2021), Drake (2022), and Ghazali et al. (2020), etc. The same analysis was conducted for the CAC 40 and the NSE 50; the full analysis can be found here [insert the next link in “the word here” https://journals.sagepub.com/doi/10.1177/09711023251322578]. However, it is important to highlight the respective results: In general, we may say that Gold has weak safe-haven properties considering CAC40. We can conclude that Bitcoin’s safe-haven qualities for CAC40 are weak. We can say that Gold showed weak safe-haven characteristics during the Ukraine crisis and good safe-haven characteristics for the NSE50 during COVID-19. We may say that Bitcoin exhibits weak safe haven, but strong hedging abilities to NSE50. Concluding Remarks In this study, we suggested a new method to evaluate an asset’s time-varying hedge, diversifier, and safe-haven characteristics. We propose a rolling window estimation of the DCC-based regression of Ratner and Chiu (2013). Based on this, we estimate the conventional asset’s time-varying safe haven, hedging, and diversifying properties during crises like the COVID-19 pandemic and the conflict in Ukraine. For comparison purposes, we include Bitcoin, a nonconventional safe-haven asset. We evaluate Gold and Bitcoin’s safe haven, hedging, and diversifier properties to the S&P 500, CAC 40, and NSE 50 variations. We use a rolling window of length 60 to estimate the regression. From the results, we find that Gold can be considered as a better safe haven against the fluctuations of the S&P 500. In the case of CAC 40, Gold and Bitcoin have weak safe-haven properties. While Bitcoin demonstrated strong safe-haven characteristics during the Ukraine crisis, Gold exhibited strong safe-haven characteristics during COVID-19 for the NSE 50. Overall, the findings indicate that Gold is the better safe haven. This outcome is consistent with earlier research (Będowska-Sójka & Kliber, 2021; Drake, 2022; Ghazali et al., 2020; Shakil et al., 2018; Triki & Maatoug, 2021). When it comes to Bitcoin, its safe-haven feature is weak. Bitcoin, however, works well as a diversifier and hedge. Therefore, from a policy perspective, investing in safe-haven instruments is crucial to lower the risks associated with asset ownership. Policymakers aiming to enhance the stability of financial portfolios might encourage institutional investors and other market players to incorporate Gold into their asset allocations. Gold’s strong safe-haven qualities, proven across various market conditions, make it a reliable choice. Gold’s performance during crises like COVID-19 highlights its potential to mitigate systemic risks effectively. Further, Bitcoin could also play a complementary role as a hedge and diversifier, especially during periods of significant volatility such as the Ukraine crisis. While Bitcoin’s safe-haven characteristics are relatively weaker, its inclusion in a diversified portfolio offers notable value and hence it should not be overlooked. Further, policymakers may consider how crucial it is to monitor dynamic correlations and periodically rebalance portfolios to account for shifts in the safe haven and hedging characteristics of certain assets. Such measures could help reduce the risks of over-reliance on a single asset type and create more resilient portfolios that can better withstand global economic shocks. For future research, studies can be conducted on the estimation of the rolling window with different widths. This is important to understand how the safe-haven property changes across different holding periods. Further, more equity markets would be included to account for the differences in market capitalization and index constituents. This study can be extended by testing these properties for multi-asset portfolios as well. We intend to take up this study in these directions in the future. Data Availability StatementNot applicable.Declaration of Conflicting InterestsThe authors declared no potential conflicts of interest with respect to the research, authorship, and/or publication of this article.FundingThe authors received no financial support for the research, authorship, and/or publication of this article.ReferencesAkhtaruzzaman M., Boubaker S., Lucey B. M., & Sensoy A. (2021). Is gold a hedge or a safe-haven asset in the COVID-19 crisis? Economic Modelling, 102, 105588. Crossref. Web of Science.Al-Nassar N. S. (2024). Can gold hedge against inflation in the UAE? A nonlinear ARDL analysis in the presence of structural breaks. PSU Research Review, 8(1), 151–166. Crossref.Barbu T. C., Boitan I. A., & Cepoi C. O. (2022). Are cryptocurrencies safe havens during the COVID-19 pandemic? A threshold regression perspective with pandemic-related benchmarks. Economics and Business Review, 8(2), 29–49. 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Abstract Canada has long maintained that international law must be central to resolution of the Israeli/Palestinian conflict. But has there been appropriate follow-through when international law has been violated? This policy brief examines Canada's positions and, importantly, actions, in the face of violations of international law by the Israeli government during its military offensive on Gaza following the 7 October 2023 attacks in southern Israel by Hamas and other armed Palestinian groups. The analysis makes it clear that Canada has rarely condemned those violations, let alone imposed sanctions or other consequences for them.Keywordshuman rights, Israel, Palestine, Gaza, Canada, Canadian foreign policy, international law, International Court of Justice, International Criminal Court, international humanitarian law Professed respect for international law “Israel has a right under international law to take the necessary measures, in accordance with human rights and international humanitarian law, to protect the security of its citizens from attacks by terrorist groups.” In many respects, this statement—taken from the section detailing “Support for Israel and its Security” in Global Affairs Canada's overview of “Canadian policy on key issues in the Israeli-Palestinian conflict”1—captures what is right in principle, but so terribly wrong in practice, when it comes to Canada's foreign policy regarding Israel and Palestine. As it should be, international law is lifted up and given a spotlight. Canada's position is grounded in an expectation that international human rights and international humanitarian law will be respected. But what the statement does not convey is that there is rarely an appropriate response by the Canadian government when it becomes clear that actions taken by Israel—particularly the Israel Defense Forces—to protect the security of its citizens consistently amount to grave, widespread, and systematic violations of both international human rights and international humanitarian law. International law and human rights also feature prominently in other key elements of Canada's policy regarding the conflict. Canada recognizes the “Palestinian right to self-determination.” The rights of Palestinian refugees are to be respected, “in accordance with international law.” Canada notes that the “Fourth Geneva Convention applies in the occupied territories” and consequently that Israeli settlements are in violation of that convention, as is the Israeli government's construction of the barrier inside the West Bank and East Jerusalem. Failure to uphold international law This is all good, in principle. But how does Canada react to the fact that the Palestinian right to self-determination and the rights of Palestinian refugees have undeniably been abrogated for decades? And what is Canada's response to the defiant expansion of the Geneva Convention–violating settlements throughout the West Bank and East Jerusalem? Rather than mount a robust defence (or any defence, for that matter) of the international legal principles at stake, Canada's policy more or less goes quiet at this point. There is no condemnation of the breaches of international law, and consideration of the possible implications under Canadian law is reluctant at best, with a bare minimum of legal, trade, or other consequences for these blatantly unlawful actions. The disconnect between rhetorical flourishes of support for the professed importance of international law but the failure and unwillingness to champion it when it is breached has, unfortunately but perhaps not surprisingly, dominated the key aspects of Canada's response to Israel's unrelenting assault on Gaza following the brutal attacks launched by Hamas and other armed Palestinian groups in southern Israel on 7 October 2023. It was evident from the outset. October 7th, Gaza, and Canada's empty resort to international law Reacting to the horror of the October 7th attack, Canada, like the United States, Australia, New Zealand, and many of its allies in Western Europe, almost immediately referenced the fact that Israel had a right to defend itself. Prime Minister Justin Trudeau's first statement, on October 8th, noted that Canada “reaffirm[ed] its support for Israel's right to defend itself.”2 But what, as a matter of international law, did that actually mean? The question as to whether Israel as a nation has the right to defend itself from attack is dictated by Article 51 of the United Nations (UN) Charter, International Court of Justice (ICJ) jurisprudence, and other public international law sources. As Marko Milanovic, professor of public international law at the University of Reading School of Law notes, “[M]any who think there is a single, clearly correct answer to the question whether Israel has a right to self-defence do so simply because the answer fits their prior narratives and worldviews.” Milanovic lays out the complexity and uncertainty in considerable detail and concludes that “the jus ad bellum is indeterminate on the question of whether non-state actors, whose conduct is not attributable to a state, can commit armed attacks in the sense of Article 51 of the Charter.”3 With the threshold question of whether an attack carried out by an armed group such as Hamas constitutes an armed attack of the nature that would trigger application of Article 51 being at best indeterminate, so too is the question as to whether a right of self-defence arises. As such, the Canadian government's simple assertion, without any further expansion or discussion, is clearly not without debate. Offering no qualification or explanation alongside that assertion, on a matter that is unsettled and complex within international law, is problematic. Article 51 states: “Nothing in the present Charter shall impair the inherent right of individual or collective self-defence if an armed attack occurs against a Member of the United Nations[.]”4 What emerges from a review of applicable international law, however, are differing views as to whether, and to what extent, a nation's right under Article 51 to resort to armed force in response to an attack—in other words, to go to war as a means of self-defence—arises when the attack is carried out by another state, not when the perpetrator is a non-state actor or armed group such as Hamas or the other Palestinian armed groups responsible for the October 7th attacks, operating within territory that is controlled by the state concerned. That is reflected in the conclusion of the ICJ in its 2004 Advisory Opinion, Legal Consequences of the Construction of a Wall in the Occupied Palestinian Territory: Article 51 of the Charter thus recognizes the existence of an inherent right of self-defence in the case of armed attack by one State against another State. However, Israel does not claim that the attacks against it are imputable to a foreign State. The Court also notes that Israel exercises control in the Occupied Palestinian Territory and that, as Israel itself states, the threat which it regards as justifying the construction of the wall originates within, and not outside, that territory. The situation is thus different from that contemplated by Security Council resolutions 1368 (2001) and 1373 (200 l), and therefore Israel could not in any event invoke those resolutions in support of its claim to be exercising a right of self-defence. Consequently, the Court concludes that Article 51 of the Charter has no relevance in this case.5 Having determined that Article 51 was not relevant, the Court also went on to consider whether Israel could more broadly rely on the customary international legal principle of a “state of necessity” to justify construction of the wall. The Court agreed that Israel had “the right, and indeed the duty, to respond in order to protect the life of its citizens” but noted that “measures taken are bound nonetheless to remain in conformity with applicable international law.”6 This is essentially where Canada's stated policy lands as well. For example, the now former prime minister's October 8th statement, referenced above, goes on to qualify that Israel's right to defend itself must be exercised “in accordance with international law.” This, in turn, echoes the numerous references to the need to respect international law noted above, which are scattered throughout Canada's overall Israel/Palestine policy—established long before October 7th. The phrase “in accordance with international law” has been repeated consistently in written statements, social media posts, and press comments by the prime minister,7 the minister of foreign affairs,8 and other ministers9 at various stages of the current conflict. But we do not find any further explanation as to what that entails-for instance, that regardless of whether or not a right of self-defence to an armed attack exists in these circumstances and legally justifies Israel launching a war against Hamas, fundamental principles from international humanitarian law, such as the requirements of necessity and proportionality, nevertheless always apply. That failure to have clearly acknowledged the applicable international humanitarian law framework is particularly problematic, because the evidence that those legal obligations have been systematically and gravely violated, to the extent of undeniably constituting war crimes, has become incontrovertible. Yet as Israel's full-scale assault on Gaza was launched and expanded—and as reports from the UN,10 humanitarian agencies,11 international12 and national13 human rights organizations, local human rights monitors,14and journalists15 made it clear that massive human rights violations and breaches of international humanitarian law were occurring—nothing more was said. Canada did not move from stating that international law must be respected to stating the obvious—that it was well-established that this was not happening. The Canadian government refused to criticize Israel for breaches of international law, let alone press for accountability and consequences for the violations. Canada and the ICJ's Genocide Convention case Nowhere has this been more apparent, or more consequential, than in Canada's response to announcements and rulings from the two international courts that have a key role in upholding international law in situations such as the Israeli-Palestinian conflict: the International Court of Justice and the International Criminal Court (ICC). Canada is often regarded as one of the world's most reliable champions of international courts. As such, its failure to show the expected support at this time has been widely noted with concern. The ICJ is actively engaged with the conflict through two separate cases. On 29 December 2023 South Africa launched proceedings16 against Israel, alleging violations of the Convention on the Prevention and Punishment of the Crime of Genocide (Genocide Convention) with respect to Israel's actions in Gaza. Given the gravity and urgency of the situation on the ground in Gaza, South Africa has applied to the Court on four separate occasions,17 seeking orders for interim provisional measures while the case proceeds. The Court consequently indicated a range of provisional measures in various orders18 issued between January and May 2024. The Court's provisional measures have been grounded in a finding that “at least some of the rights claimed by South Africa under the Genocide Convention and for which it was seeking protection were plausible, namely the right of the Palestinians in Gaza to be protected from acts of genocide and related prohibited acts mentioned in Article III, and the right of South Africa to seek Israel's compliance with the latter's obligations under that Convention.”19 The legal semantics of that ruling are nuanced, but nonetheless significant and with very real consequences. The Court has not reached any conclusion as to whether genocide has occurred in Gaza—or even whether it has possibly or potentially occurred—nor would it be expected to at this early stage of the case. But it is a clear statement that the Court considers the rights protected under the Genocide Convention to be plausibly pertinent to Israel's military operations in Gaza. Drawing on the Court's conclusion, many commentators,20 including legal experts and human rights organizations, now regularly reference plausible, potential, or prima facie genocide in Gaza. The Court's final ruling on whether Israel has in fact breached its obligations under the Genocide Convention is still some way off—likely late 2025, at the earliest. Among the provisional measures indicated by the Court to date are orders that Israel prevent the commission of all acts of genocide, prevent and punish incitement to genocide, enact immediate and effective measures to enable the provision of urgently needed basic services and humanitarian assistance in Gaza, and immediately halt its military offensive and any other action in Rafah that may inflict on Palestinians in Gaza conditions of life that could bring about their physical destruction as a group, in whole or in part. Canada's response to the ICJ rulings has been, at worst, tepid and incoherent, and at best, only supportive when consistent with Canada's already established positions. Following the first provisional measures indicated by the Court in January, Canada's foreign affairs minister, Mélanie Joly, issued a statement expressing support for the ICJ's “critical role … in upholding the international rules-based order,” but stressed that this support did “not mean that [Canada accepted] the premise of the case brought by South Africa.”21 There was not a word from the Canadian government calling on Israel to comply with the Court's order, which is what would have been expected from a self-declared champion of the Court. The response four months later to the Court's provisional measures concerning Rafah was stronger. Prime Minister Trudeau reiterated what was by then Canada's established position, calling for “no more military operations in Rafah by Israel, and certainly no escalation of military operations in Rafah.” The prime minister also underscored that the “ICJ's proposals are binding and we expect everyone to follow them as a matter of international law.”22 However, as is well established, Israel did not comply with the Court's ruling with respect to Rafah, and Canada has issued no express condemnation, let alone imposed any consequences, for that disregard of international law. Canada and the ICJ's advisory opinion The second ICJ case dealing with Israel-Palestine is an advisory opinion requested in January 2023,23 following a December 2022 UN General Assembly resolution seeking the Court's views on the legal consequences of Israeli practices in the Occupied Palestinian Territory (OPT), including East Jerusalem. The Court's Advisory Opinion24 was issued on 19 July 2024. The Court was unequivocal in concluding that “the sustained abuse by Israel of its position as an occupying Power, through annexation and an assertion of permanent control over the Occupied Palestinian Territory and continued frustration of the right of the Palestinian people to self-determination, violates fundamental principles of international law and renders Israel's presence in the Occupied Palestinian Territory unlawful.”25 Notably, the ICJ specifically addresses the question of the legal consequences of Israel's unlawful presence in the OPT for third states, which would obviously include Canada, and concludes that “all States are under an obligation not to recognize as legal the situation arising from the unlawful presence of Israel in the Occupied Palestinian Territory. They are also under an obligation not to render aid or assistance in maintaining the situation created by Israel's illegal presence in the Occupied Palestinian Territory.”26 This leads to a consideration of Canada's stance before and after the ICJ Advisory Opinion. Canada filed a written submission27 seven months in advance of the hearing, arguing that the Court should use its discretion and decline the General Assembly's request to issue an advisory opinion. Canada also initially requested an opportunity to make oral submissions during the hearing, and was one of fifty-four states and multilateral organizations slated to do so.28 However, as the hearing got underway on 19 February 2024, Canada withdrew its request to make an oral presentation29 and chose to rely solely on the earlier written submission—namely, that the Court should decline to issue an advisory opinion. The explanation offered for withdrawing from the oral hearing was that the government's position had not changed from the time of making its written submission. Apparently, that position was unchanged even though external circumstances had changed dramatically. After all, Canada's position had been formulated seven months earlier—before the October 7th attack in Israel, the subsequent Israeli offensive in Gaza, and the 26 January 2024 ICJ ruling on provisional measures in the case brought by South Africa under the Genocide Convention. Canada's response after the Advisory Opinion was issued was certainly lacking. The immediate reaction was limited to a statement that the government had “taken note” of the Advisory Opinion, stressing that it was “nonbinding.”30 Two weeks later, a passing reference to the Advisory Opinion appeared in a joint statement from Prime Minister Trudeau and the prime ministers of Australia and New Zealand reiterating their call for a ceasefire and expressing concern about the mounting hostilities between Israel and Hezbollah. The statement generically called on Israel “to respond substantively to the ICJ's advisory opinion,”31 but offered no examples as to what that substantive response should entail. Canada's response to the advisory opinion A resolution came before the UN General Assembly on 18 September 2024, following up on the ICJ Advisory Opinion, which had, after all. initially been sought by the General Assembly. Among other provisions, the resolution “[w]elcomes the Advisory opinion … [and] [d]emands that Israel comply without delay with all its legal obligations under international law, including as stipulated by the International Court of Justice.”32 The resolution passed with 124 votes in favour, 14 against, and 43 abstentions.33 Canada was one of the countries to abstain. Many of Canada's close allies, such as France, Ireland, Norway, and New Zealand, supported the resolution, while many others, including Australia, Germany, the Netherlands, and the United Kingdom, joined Canada in abstaining. Israel and the United States were among the fourteen states that opposed the resolution. In a statement, the government explained its decision to abstain rather than support the resolution, citing that it did not reference the “need to end terrorism, for which Israel has serious and legitimate security concerns” and that it contained “language that aligns with Boycott Divestment Sanctions, which Canada firmly opposes.”34 To a certain extent, the decision to abstain rather than oppose (which has tended to be Canada's voting record with UN General Assembly resolutions related to Israel/Palestine)35 the resolution may be seen as a small step forward. It was, however, sharply criticized by Canadian groups supportive of Israel.36 There has yet to be any acknowledgement of the steps that Canada is obliged to take—and therefore that it intends to take—in response to the ICJ's identification of a responsibility incumbent on third states not to “render aid or assistance in maintaining the situation created by Israel's illegal presence in the Occupied Palestinian Territory.” What implications might there be, for instance, for Canadian trade policy, the charitable status of Canadian organizations, the involvement of Canadians in real estate deals in the OPT, or the possibility that the actions of some Canadians with respect to settlements in the OPT might even be tantamount to criminal liability for war crimes? Canada designated Hamas a “terrorist entity” under Canadian law in 2002.37 Numerous other Palestinian armed groups, such as Palestinian Islamic Jihad and the Al-Aqsa Martyrs Brigades, have similarly been designated. Since the October 7th attack, there have been four rounds of sanctions, targeting thirty-nine individuals, including Hamas leadership.38 Canada has been slower to take action against individuals and groups responsible for violence and human rights abuses against Palestinians. After considerable pressure, in May, June, and September of 2024, the government imposed three rounds of sanctions against a total of fifteen individuals and seven groups deemed responsible for “extremist settler violence against Palestinian civilians in the West Bank.”39 These are the first ever sanctions of that nature. However, no sanctions have been imposed against Israeli political leaders who have been widely condemned for supporting, facilitating, and inciting that extremist settler violence—notably Finance Minister Bezalel Smotrich and Minister of Security Itamar Ben-Gvir.40 There have been repeated calls for Canada to impose a comprehensive arms embargo on any weapons, including parts and components, transferred either directly to Israel or indirectly through third countries, most notably the United States. While the government announced in January that no new export permits would be authorized, and later cancelled thirty existing permits, the ban is still far from comprehensive.41 For instance, Canadian-made parts are sold to companies in the United States, where they are used in the assembly of F-35 fighter jets destined for Israel. The Canadian Commercial Corporation, a Canadian Crown Corporation acting on behalf of General Dynamics Ordnance and Tactical Systems—Canada, also remains under contract to provide the US Department of Defense with artillery propellants that will be supplied to Israel.42 Reports indicate that C$95 million worth of military goods could be exported from Canada to Israel through to the end of 2025.43 It is also worth noting that the Canada–Israel Free Trade Agreement, which came into force in 1997 and was updated in 2019, extends its coverage to the “territory where [Israel's] customs laws are applied.”44 This means the trade deal includes Israeli settlements in the West Bank and East Jerusalem, which Canada considers to be unlawful. There was a concerted push by legal experts and human rights groups to exclude those unlawful settlements45—which, after all, constitute war crimes under international law—from the gamut of the trade deal when it was updated, but the government refused to make that change. Canada and the International Criminal Court Meanwhile, an announcement from Karim Khan, the chief prosecutor of the ICC, on 29 May 2024, raised further concerns about Canadian double standards regarding international law and institutions when it comes to Israel. Khan indicated that, as part of an ongoing investigation launched over three years ago, he was seeking arrest warrants for five key Israeli and Hamas leaders, including Israel's prime minister, Benjamin Netanyahu, and its then minister of defence, Yoav Gallant, on war crimes and crimes against humanity charges in connection with the October 7th attacks in southern Israel and the aftermath in Gaza.46 Canada, famously, was an ardent champion of the establishment of the ICC in 1998.47 Canada's foreign affairs minister at the time, Lloyd Axworthy, played a key leadership role, and a Canadian, Philippe Kirsch, served as the first ICC president. However, rather than express support and offer a commitment to cooperate with Khan and the Court as the case proceeds, Prime Minister Trudeau, Deputy Prime Minister Chrystia Freeland, and Foreign Affairs Minister Joly all pilloried the prosecutor for having sought the arrest warrants against Netanyahu and Gallant, decrying what they called an unhelpful “equivalence” between Hamas and the Israeli government.48 The government's position was criticized in an open letter to the prime minister from over 375 Canadian law professors, lawyers, legal scholars, academics, civil society, faith and labour movement leaders, and former diplomats and parliamentarians, including Axworthy and two former ambassadors to the United Nations, Allan Rock and Rosemary McCarney. The letter notes: The principles of equal treatment and access to justice in the field of international criminal justice do not, by any measure, amount to an equivalence of the nature you have decried. No country, no armed group, no corporation and no individual can be allowed to stand above or apart from the law. Nothing undermines justice more—at a national or international level—than double standards and exceptionalism. This commitment must be at the core of Canada's ICC position and foreign policy.49 Canada was among ninety-three states to subsequently endorse a joint statement on 14 June 2024 reaffirming that ICC officials and staff must be able to carry out their work “without intimidation.”50 While the statement does not explicitly mention the Israel/Palestine case, it is widely understood to be a response to threats that had been levelled at the Court by supporters of Israel, including the US House of Representatives.51 Beyond that, Canada's position regarding the application for the arrest warrants remained the same. On 21 November 2024, the ICC issued arrest warrants for Netanyahu, Gallant, and Mohammed Diab Ibrahim Al-Masri, more commonly known as Deif, commander-in-chief of the military wing of the Islamic Resistance Movement Hamas (known as the Al-Qassam Brigades). Warrants had initially been sought as well for Yahya Sinwar, then head of Hamas in the Gaza Strip, and Ismail Haniyeh, former head of the Hamas political bureau, but those applications were later withdrawn following evidence confirming their deaths.52 The arrest warrant issued for Deif was cancelled on 26 February 2025 after his death was also confirmed.53 In reaction to the news of the warrants against Netanyahu and Gallant being issued, Prime Minister Trudeau stated that Canada “will abide by all the regulations and rulings of the international courts.”54 Minister Joly, while declining to answer the “speculative” question about executing the Netanyahu and Gallant warrants if circumstances arose, confirmed that Canada must “abide by its treaty obligations.”55 While there is no explicit commitment to execute the warrants, the generic affirmations that Canada will abide by all rulings of the international courts, and by its treaty obligations, point in that direction. It is not as clear a statement of support as was made by many other governments, but at least it moves away from criticizing the prosecutor. Disregarding international law in Israel/Palestine weakens it everywhere And in the current volatile global context, with the United States, Russia, and China now regularly and flagrantly violating international law and disregarding—often contemptuously—international courts and human rights bodies, the need to vigorously and scrupulously reinforce international law has become imperative. The bottom line is that it is not enough, and is, in fact, dangerous hypocrisy, for the Canadian government to laud the important role of international law and international legal institutions in resolving the Israeli-Palestinian conflict if those legal standards and bodies are ignored, abandoned, or, at best, given lukewarm support by Canada when breached or disrespected. It is appropriate and necessary for international law to be at the heart of Canada's foreign policy with respect to the conflict. But that requires demonstrating, with decisive words and concrete measures, both internationally and nationally, that Canada means what it says in standing up for the rules-based international order that it has helped to shape since the 1940s. To do otherwise weakens the international legal framework at a time when it needs to be stronger than ever. Those consequences reverberate far beyond Israel and Palestine alone. Declaration of conflicting interestsThe author declared no potential conflicts of interest with respect to the research, authorship, and/or publication of this article.FundingThe author received no financial support for the research, authorship, and/or publication of this article.Notes1. Global Affairs Canada (GAC), “Canadian policy on key issues in the Israeli-Palestinian conflict,” https://www.international.gc.ca/world-monde/international_relations-relations_internationales/mena-moan/israeli-palestinian_policy-politique_israelo-palestinien.aspx?lang=eng (accessed 10 April 2025).2. Prime Minister of Canada, “Statement by the Prime Minister on attacks against Israel,” 8 October 2023, https://www.pm.gc.ca/en/news/statements/2023/10/08/statement-prime-minister-trudeau-attacks-against-israel (accessed 10 April 2025).3. Marko Milanovic, “Does Israel have the right to defend itself?,” EJIL: Talk!, 14 November 2023, https://www.ejiltalk.org/does-israel-have-the-right-to-defend-itself/ (accessed 22 April 2025).4. United Nations (UN), Charter of the United Nations, 26 June 1945, Article 51, https://www.un.org/en/about-us/un-charter/full-text (accessed 10 April 2025).5. International Court of Justice (ICJ), Legal Consequences of the Construction of a Wall in the Occupied Palestinian Territory, Advisory Opinion, ICJ Reports 2004, paragraph 139, https://www.icj-cij.org/sites/default/files/case-related/131/131-20040709-ADV-01-00-EN.pdf (accessed 20 April 2025).6. Ibid., paragraph 141.7. Prime Minister of Canada, “Prime Minister Justin Trudeau speaks with Israel War Cabinet member Minister Benny Gantz, 16 November 2023,” https://www.pm.gc.ca/en/news/readouts/2023/11/16/prime-minister-justin-trudeau-speaks-israel-war-cabinet-member-minister (accessed 10 April 2025).8. GAC, “Statement by Minister Joly on the International Court of Justice's decision on South Africa's request for provisional measures in its case against Israel,” 26 January 2024, https://www.canada.ca/en/global-affairs/news/2024/01/statement-by-minister-joly-on-the-international-court-of-justices-decision-on-south-africas-request-for-provisional-measures-in-its-case-against-is.html (accessed 10 April 2025).9. Bill Blair (@BillBlair), “Canada continues to support Israel's right to defend itself in accordance with international law, following the brutal terror attack by Hamas on October 7. Hamas must immediately release those being held hostage,” X, 4 November 2023, https://x.com/BillBlair/status/1720983221398069565 (accessed 10 April 2025).10. UN Human Rights Council, The Independent International Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem, and Israel, https://www.ohchr.org/en/hr-bodies/hrc/co-israel/index (accessed 10 April 2025).11. International Committee of the Red Cross (ICRC), “ICRC president tells Gaza forum: civilians must be protected, hostages must be released unharmed,” 9 November 2023, https://www.icrc.org/en/document/icrc-president-tells-paris-conference-gaza-immediate-imperative-is-to-save-lives (accessed 10 April 2025).12. Amnesty International, “Damning evidence of war crimes as Israeli attacks wipe out entire families in Gaza,” 20 October 2023, https://www.amnesty.org/en/latest/news/2023/10/damning-evidence-of-war-crimes-as-israeli-attacks-wipe-out-entire-families-in-gaza/ (accessed 10 April 2025).13. B’Tselem—The Israeli Information Center for Human Rights in the Occupied Territories, “Manufacturing famine: Israel is committing the war crime of starvation in the Gaza Strip,” April 2024, https://www.btselem.org/publications/202404_manufacturing_famine (accessed 10 April 2025).14. Euro-Med Human Rights Monitor, “About 10 percent of the Gaza Strip's population killed, injured, or missing due to the Israeli genocide,” 25 July 2024, https://euromedmonitor.org/en/article/6420/About-10-percent-of-the-Gaza-Strip%E2%80%99s-population-killed,-injured,-or-missing-due-to-the-Israeli-genocide (accessed 10 April 2025).15. Bethan McKernan et al., “Palestinian prisoners describe systemic abuse in Israel's jails,” The Guardian, 5 August 2024, https://www.theguardian.com/world/article/2024/aug/05/palestinian-prisoners-describe-widespread-abuse-in-israels-jails (accessed 10 April 2025).16. ICJ, Application Instituting Proceedings Containing a Request for the Indication of Provisional Measures, Application of the Convention on the Prevention and Punishment of the Crime of Genocide in the Gaza Strip (South Africa v. Israel), 29 December 2023, https://www.icj-cij.org/sites/default/files/case-related/192/192-20231228-app-01-00-en.pdf (accessed 10 April 2025).17. ICJ, Application of the Convention on the Prevention and Punishment of the Crime of Genocide in the Gaza Strip (South Africa v. Israel) – Provisional Measures, https://www.icj-cij.org/case/192/provisional-measures (accessed 10 April 2025).18. ICJ, Application of the Convention on the Prevention and Punishment of the Crime of Genocide in the Gaza Strip (South Africa v. Israel) – Orders, https://www.icj-cij.org/case/192/orders (accessed 10 April 2025).19. ICJ, Application of the Convention on the Prevention and Punishment of the Crime of Genocide in the Gaza Strip (South Africa v. Israel) – Order, 24 May 2024, paragraph 32, https://www.icj-cij.org/sites/default/files/case-related/192/192-20240524-ord-01-00-en.pdf (accessed 10 April 2025).20. Alexandre Skander Galand and Wim Muller, “The ICJ's findings on plausible genocide in Gaza and its implications for the International Criminal Court, Opinio Juris,” 5 April 2024, https://opiniojuris.org/2024/04/05/the-icjs-findings-on-plausible-genocide-in-gaza-and-its-implications-for-the-international-criminal-court/ (accessed 10 April 2025).21. GAC, “Statement by Minister Joly,” 26 January 2024.22. Darren Major, “Trudeau says Israel needs to follow ICJ ruling and halt operations in Rafah,” CBC News, 24 May 2024, https://www.cbc.ca/news/politics/trudeau-icj-decision-rafah-1.7214231 (accessed 10 April 2025).23. ICJ, Request for Advisory Opinion pursuant to General Assembly Resolution 77/247 of 30 December 2022: Legal Consequences Arising from the Policies and Practices of Israel in the Occupied Palestinian Territory, including East Jerusalem, 17 January 2023, https://www.icj-cij.org/sites/default/files/case-related/186/186-20230117-REQ-01-00-EN.pdf (accessed 10 April 2025).24. ICJ, Advisory Opinion, Legal Consequences Arising from the Policies and Practices of Israel in the Occupied Palestinian Territory, including East Jerusalem, 19 July 2024, https://www.icj-cij.org/sites/default/files/case-related/186/186-20240719-adv-01-00-en.pdf (accessed 10 April 2025).25. Ibid., paragraph 261.26. Ibid., paragraph 279.27. ICJ, Request by the United Nations General Assembly for an Advisory Opinion on the Question of the “Legal Consequences Arising from the Policies and Practices of Israel in the Occupied Palestinian Territory, including East Jerusalem,” Written Statement of the Government of Canada, 14 July 2023, https://www.icj-cij.org/sites/default/files/case-related/186/186-20230724-wri-01-00-en.pdf (accessed 10 April 2025).28. ICJ, Legal Consequences arising from the Policies and Practices of Israel in the Occupied Palestinian Territory, including East Jerusalem (Request for Advisory Opinion), Public hearings to be held from Monday 19 to Monday 26 February 2024, Press Release, 9 February 2024, https://www.icj-cij.org/sites/default/files/case-related/186/186-20240209-pre-01-00-en.pdf (accessed 10 April 2025).29. Justice for All Canada, “Canada's absence from ICJ hearings is a blow to Palestinian justice,” 20 February 2024, https://www.justiceforallcanada.org/icj-canada-withdrawal-feb20-2024.html (accessed 10 April 2025).30. The Canadian Press, “Ottawa says it has ‘taken note’ of UN court call for end to Israeli settlements,” The Globe and Mail, 19 July 2024, https://www.theglobeandmail.com/canada/article-ottawa-says-it-has-taken-note-of-un-court-call-for-end-to-israeli/ (accessed 10 April 2025).31. Prime Minister of Canada, “Joint statement by the prime ministers of Australia, Canada and New Zealand,” 26 July 2024, https://www.pm.gc.ca/en/news/statements/2024/07/26/joint-statement-prime-ministers-australia-canada-and-new (accessed 10 April 2025).32. UN General Assembly, Resolution ES-10/24: Advisory opinion of the International Court of Justice on the legal consequences arising from Israel's policies and practices in the Occupied Palestinian Territory, including East Jerusalem, and from the illegality of Israel's continued presence in the Occupied Palestinian Territory, UN Document A/RES/ES-10/24, 9 September 2024, paragraphs 1 and 3, https://documents.un.org/doc/undoc/gen/n24/272/75/pdf/n2427275.pdf (accessed 10 April 2025).33. UN, “UN General Assembly demands Israel end ‘unlawful presence’ in Occupied Palestinian Territory,” 18 September 2024, https://news.un.org/en/story/2024/09/1154496 (accessed 10 April 2025).34. GAC, “Canada abstains from United Nations General Assembly resolution on the Advisory opinion of the International Court of Justice on the legal consequences arising from Israel's policies and practices in the Occupied Palestinian Territory,” 18 September 2024, https://www.canada.ca/en/global-affairs/news/2024/09/canada-abstains-from-united-nations-general-assembly-resolution-on-the-advisory-opinion-of-the-international-court-of-justice-on-the-legal-conseque.html (accessed 10 April 2025).35. Jeremy Wildeman, “Assessing Canada's foreign policy approach to the Palestinians and Israeli-Palestinian peacebuilding, 1979–2019,” Canadian Foreign Policy Journal 27 no. 1 (2021): 62–80.36. Centre for Israel and Jewish Affairs, “Canadian government breaks UN promise,” 18 September 2024, https://www.cija.ca/canadian_government_breaks_un_promise (accessed 10 April 2025).37. 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Steven Chase, “Mélanie Joly says Canada will block U.S.-bound ammunition sale destined for Israel,” The Globe and Mail, 10 September 2024, https://www.theglobeandmail.com/canada/article-canada-suspends-arm-sales-israel-through-united-states/ (accessed 10 April 2025).42. Kelsey Gallagher, “Canada under contract to supply the IDF with artillery propellant,” Project Ploughshares, 26 March 2025, https://www.ploughshares.ca/publications/canada-under-contract-to-supply-the-idf-with-artillery-propellant (accessed 22 April 2025).43. Emma Paling, “$95 million in new Canadian military goods could flow To Israel By 2025,” The Maple, 1 August 2024, https://www.readthemaple.com/95-million-in-new-canadian-military-goods-could-flow-to-israel-by-2025/ (accessed 10 April 2025).44. 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