The article considers the issue of water rights in terms of its economic and social specificities (“water is a commodity or common good” which is debated widely over the last two decades and related to the International Conference on Water and Environment (Dublin, 1992). According to the Dublin Principle No. 4 (“Water has an economic value in all its competing uses and should be recognized as an economic good”), a number of experts conclude that water is a commercial commodity.

It is shown in the article that such statement is, at least, arguable. A guide of the Global Water Partnership - the promoter of the integrated water resources management - explains correctly the essence of DP No.4: “water right is a right to use water rather than to own water”. Virtually, Principle No.4 is oriented towards establishing a market base for the use of water resources (“market principles of water uses regulation”, “compensation of the full cost of water production and distribution services”, “water demand management through economic tools”, etc.), while social aspects of IWRM are derived from other three Dublin principles, including DP No.3 (gender).