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Various Branches of International Law > International economic law (trade) > Flashcards

International economic law (trade) Flashcards

1
Q

Origins of international economic law

A
  • Always present (ancient greeks, persians)
  • 18th century: no protectionism -> open market ideas from Ricardo and Smith
  • 1950s: Europen Community for Coal and Steal -> now Europen Economic Community
  • 1990s: NAFTA -> now USMCA
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2
Q

Main actors (I Trade L)

A
  • International monetary fund
  • World Bank (International Bank for Reconstruction and Development)
  • World Trade Organization
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3
Q

International Monetary Fund

A

For international Monetary law
Purposes
- international monetary cooperation
- Exchange rate stability
- Give resources to States with baòance of payment difficulties
Quotas: each memeber gives to the IMF depending on its relative shares of world economy
Contingent Reserve Arrangement: Funds for loans
Organs
- Executive board
- Board of directors

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4
Q

Principle of conditionality

A

Member state has to use the loan accoridng to IMF agreement and policies

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5
Q

International Bank for Reconstruction and Development

A

Help developing countries
- Belongs to World Bank Group
- Funds specific projects
- Funds arrive from private capital market

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6
Q

World Trade Organization

A
  • Successor of GATT
  • Subagreements important
    • GATT
    • GATS
    • TRIPS
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7
Q

Alternative actors

A

Because Bretton Woods institutions born in colonial perpsective
- Asian Development Bank
- Asian Infrastructure Investment Bank
- Contingent Reserve Arrangement
- New Development Bank from BRICS countries

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8
Q

BRICS countries

A

Brazil, Russia, India, China, South Africa. Egypt, Saudi Arabia, Ethiopia, Iran

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9
Q

WTO: main achievements

A
  • WTO Agreement
  • GATT
  • GATS
  • TRIPS and WIPO
  • sanitary and phytosanitary standards
  • Technical barriers to trade
  • Anti dumping code
  • Anti subsidy agreement
  • trade related investment measures
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10
Q

WTO: main principles

A
  • Most Favoured Nation = to all States same conditions as the most favourable that the country has for another state. But does not apply to regional integration organizations (art XXIV GATT)
  • National Treatment = imported goods should be treated by like product on national market
  • Prohibition of quantitative restrictions
  • Prohibition of dumping = no selling goods below market price
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11
Q

Exceptions to WTO main principles

A

In GATT art XX and XI
General exceptions and secirity exceptions

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12
Q

Challegned in regulating global trade with environmental turn

A
  • 2015 Paris Agreement towards sustainable development
  • cases (shell case and kilmaseniorinnen)
  • Regional initiatives
    • ETS (Emissions Trading System)
    • Green Deal
    • Trade and Sustainable Develolpment chapters in EU treaties
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13
Q

Bretton Woods system

A
  • From 1944 Bretton Woods Conference
  • created
    • International Monetary Fund
    • International Banck for Reconstruction and development
    • GATT -> now WTO
  • Capitalist basis
  • Criticisms
    • from communist/develping states: these institutions were created in colonial/capitalistic mindset and as such enhance structural injusteces and explitaion of poorer states
    • Capitalism comes at the expenses of non eocnmic considerations (environment)
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14
Q

UN level steps in International Econ Law

A

1946: Conference on trade and development
1966: UN Commission on international trade law
Specialized agencies
informal network (es G20)

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15
Q

WTO and developing states

A

between the main principles of WTO there is the consideration of special need of developing states, meaning
- Preferential tariffs
- Exceptions from general obligations
- Transfer or technical know-how

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16
Q

TRIPs stands for

A

Agreement on Trade Related aspects of Intellectual Property right

17
Q

TRIPs are supllemented by

A
  • Paris convention for the protection of industrial property
  • Berne convention dor the protection of liteary and artistic work
  • Universal Copyright convention
  • WIPO: World Intellectual Property Organization
18
Q

Areas of economic international law

A
  • International monetary law
  • International trade law
  • International investment law
19
Q

WTO: dispute resolution

A
  • The dispute settlmente body has compulsory jurisdiction over trade disputes that arise from WTO agreements
  • Steps
    • Consultation + Negotiation between parties
    • Complain to WTO -> DSB refers dispute to Panel
    • Binding Report from Panel adopted/rejected by DSB
    • Supervisnig from Panel
    • Appeal to Appellate body that reviews panel reports(now not working so Multi Party interim arbitration Arrangement)
  • Panel by qualified individuals, aim
    • independent
    • diverse background
    • wide spectrum of expertise
20
Q

WTO organs

A

Ministerial conference
3 special councils
Secretariat

21
Q

WTO rounds of multilateral trade negotiations

A
  1. Reducing tariffs on goods
  2. Uruguay
    - Trade in services
    - Dispute Settlement body
    - GATT replaced by WTO
    - Intellectual property
22
Q

Substantive regulations of WTO

A

16 article + annexes to add agreemnts reached during negotiations rounds

23
Q

Regional economic cooperations

A
  • European Union -> Single European Act: from 1992 market with free movement of goods, persons, services and capitals
  • North American Free Trade Agreement (NAFTA) -> now USMCA
  • Economic Community of West African States
  • Union of South American Nations (Mercado Comun del sur - Andean Community of Nations)
24
Q

Monetary system in the EU: History

A
  • ‘79 - ‘92: European monetary system
  • ‘92 - today: European monetary union + European Central Bank and common currency
25
Q

European Monetary Union principle

A

No bail out principle = Member states are not responsible for financially rescuing other Member States

26
Q

Monetary system in the EU: Stability and Growth pact

A

sanctions for countries with too high public deficit and debt

27
Q

Monetary system in the EU: with common currency states cannot

A
  • Change interest sìrates
  • Control supply of money
  • Devalue currency
    These things are done by the European Central Bank
28
Q

The world bank: organs

A
  • Board of executive directors
  • Independent staff with president
29
Q

World Bank: name + aim

A

International Bank for Reconstruction and Development
reduce poverty by providing loans to developing countries

30
Q

GATS: modes of supply

A

Art 1:
Cross-border supply - > Netflix
Consumption abroad -> andare all’estero per chirurgia plastica
Commercial presence -> no natural persons
Presence of natural persons

31
Q

GATS: Schedule of commitments

A

= document in which states say in which sectors they remove barriers
- 2 types of commitment
- - vertical -> in 1 sector
- - Horizontal -> in all sectors
- Values to each mode in SoC
- - None = no restrictions
- - Unbound = not regulated by GATS, domestic rules
- - …, Except -> room for exceptions

32
Q

GATS principles

A
  • Most Favoured Nation treatment: always, not in SoC
  • National Treatment: in SoC, once service is in the market should be treated as national like services
  • Market Access: in SoC
33
Q

How to Apply GATS

A
  • Check if situation is in the scope (Art I)
  • Check if, according to SoC, breach of Market Access (Art XVI)
  • Check if, according to SoC, breach of National Treatment (Art XVII)
  • If breach, check if grounds for valid exceptions (Art XIV)
    • measure must be Proportionate and Effective
    • measure cannot favour Protectionism or Discrimination

Various Branches of International Law (8 decks)

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