International economic law (trade) Flashcards
Origins of international economic law
- 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
Main actors (I Trade L)
- International monetary fund
- World Bank (International Bank for Reconstruction and Development)
- World Trade Organization
International Monetary Fund
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
Principle of conditionality
Member state has to use the loan accoridng to IMF agreement and policies
International Bank for Reconstruction and Development
Help developing countries
- Belongs to World Bank Group
- Funds specific projects
- Funds arrive from private capital market
World Trade Organization
- Successor of GATT
- Subagreements important
- GATT
- GATS
- TRIPS
Alternative actors
Because Bretton Woods institutions born in colonial perpsective
- Asian Development Bank
- Asian Infrastructure Investment Bank
- Contingent Reserve Arrangement
- New Development Bank from BRICS countries
BRICS countries
Brazil, Russia, India, China, South Africa. Egypt, Saudi Arabia, Ethiopia, Iran
WTO: main achievements
- 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
WTO: main principles
- 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
Exceptions to WTO main principles
In GATT art XX and XI
General exceptions and secirity exceptions
Challegned in regulating global trade with environmental turn
- 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
Bretton Woods system
- 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)
UN level steps in International Econ Law
1946: Conference on trade and development
1966: UN Commission on international trade law
Specialized agencies
informal network (es G20)
WTO and developing states
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
TRIPs stands for
Agreement on Trade Related aspects of Intellectual Property right
TRIPs are supllemented by
- 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
Areas of economic international law
- International monetary law
- International trade law
- International investment law
WTO: dispute resolution
- 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
WTO organs
Ministerial conference
3 special councils
Secretariat
WTO rounds of multilateral trade negotiations
- Reducing tariffs on goods
- Uruguay
- Trade in services
- Dispute Settlement body
- GATT replaced by WTO
- Intellectual property
Substantive regulations of WTO
16 article + annexes to add agreemnts reached during negotiations rounds
Regional economic cooperations
- 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)
Monetary system in the EU: History
- ‘79 - ‘92: European monetary system
- ‘92 - today: European monetary union + European Central Bank and common currency
European Monetary Union principle
No bail out principle = Member states are not responsible for financially rescuing other Member States
Monetary system in the EU: Stability and Growth pact
sanctions for countries with too high public deficit and debt
Monetary system in the EU: with common currency states cannot
- Change interest sìrates
- Control supply of money
- Devalue currency
These things are done by the European Central Bank
The world bank: organs
- Board of executive directors
- Independent staff with president
World Bank: name + aim
International Bank for Reconstruction and Development
reduce poverty by providing loans to developing countries
GATS: modes of supply
Art 1:
Cross-border supply - > Netflix
Consumption abroad -> andare all’estero per chirurgia plastica
Commercial presence -> no natural persons
Presence of natural persons
GATS: Schedule of commitments
= 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
GATS principles
- 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
How to Apply GATS
- 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
