This book analyses the fast spread of free trade agreements (FTAs) across the globe, their content and their economic impact. In the wake of Brexit and the new protectionism of President Trump, Melchior offers a timely assessment of key issues relating to FTAs. Dividing the world into seven major regions, he analyses world trade, the globalisation of FTAs and their role within and between the regions. Using a new world trade model, he then presents new evidence on the impact of trade agreements, the value of trade, the impact of China's growth and the West's industrial decline, and the role of reciprocity in trade policy. Covering rich and poor countries, commodity exporters and all of the world's regions, he offers new and original insights about a number of pertinent issues facing today's world.

Contains 13 national reports and the general report on Money Laundering and Banking Secrecy. The reports were written for the XIVth Congress of the International Academy of Comparative Law which was held in 1994 in Athens, Greece. As narcotics trafficking exploded in the 1980s, it was realized that money laundering had become a threat to the entire integrity of the financial system. The international trend to regard money laundering as a serious threat to the stability of democracy and the rule of law found expression in the adoption of the 1988 United Nations Drugs Convention. Gradually, the international community diverged from its traditional, narrow approach whereby only the laundering of drug proceeds was considered a threat. In order to combat money laundering efficiently, it soon became clear that criminal law was not sufficient and that it was necessary for banks and other financial institutions to co-operate with law enforcement agencies. The banking community is now obliged to report suspicious transactions, which they often regard as going beyond their role as bankers. The issue of bank secrecy has played an important role in the discussion between law enforcement agencies and the banking community.

The interaction between climate change and trade has grown in prominence in recent years. This Research Handbook contains authoritative original contributions from leading experts working at the interface between climate change and trade rules. Regional as well as international perspectives are taken into account to inform the complex questions that arise and redirect research efforts towards newly emerging issues. The Research Handbook on Climate Change and Trade Law discusses some of the most important challenges regarding conflicting interests at the intersection of trade, climate change and investment. The insightful chapters map from both regional and global perspectives the state of affairs in such diverse areas as: carbon credits and taxes, sustainable standard-setting, and trade in 'green' goods and services. This timely book redefines the interrelationship of trade and climate change for future scholarship and offers specific suggestions for much-needed research in topics such as energy, carbon taxes and credits, food, standardization, and investment. This Research Handbook will be essential reading for researchers and advanced students in international trade and investment law. It will also be an invaluable resource for practitioners and policymakers in this dynamic and highly significant area of law. Contributors include: M. Alder, P. Arnaiz, S. Bigdeli, J. Chaisse, T. Cottier, P. Delimatsis, A. Dimopoulos, F. Fleurke, A. Gourgourinis, A.H. Lim, J. McMahon, S. Melnyk, J. Munro, K. Nadakavukaren Schefer, R. Partain, T. Payosova, V. Pogoretskyy, D. Ramos, E. Reid, M. Rimmer, L. Tamiotti, J.P. Trachtman, A. vanDuzer, E. Vranes, M. Wu, M. Young, R. Zhang

This book discusses how UNIDROIT principles are viewed and interpreted in different countries, presenting various perspectives and practical lessons learned. It also offers a detailed analysis of the use of the UNIDROIT principles to interpret and supplement domestic contract law. Written by experts in the field, it provides insights into how the principles are being used and applied in their respective countries. The findings are also summarized in a General Report that was presented at the 20th IACL General Congress in Fukuoka, Japan.

The issue of ownership is a vital one in international trade and one which is barely covered by existing international conventions. Although domestic rules may be familiar to local businesses, practical difficulties and legal uncertainty occur when foreign businesses try to ascertain the rules regulating ownership abroad and when the goods are being shipped by the seller to the buyer. This new, expanded edition is a unique comparative study of domestic laws in 23 major trading nations and a highly practical guide. Its in-depth analysis of the legal issues arising in connection with transfer of ownership will provide invaluable assistance to practitioners and anyone drafting or interpreting international sales contracts. Each country chapter is structured in the same way, so readers may easily compare national solutions to the same problems.

This book adds to the debate on the effects of covenants on third-party creditors (externalities), which have recently become a focus of discussion in the contexts of bankruptcy law, corporate law and corporate governance. The general thrust of the debate is that negative effects on third-party creditors predominate because banks act in their own self-interest. After systematising the debated potential positive and negative externalities of covenants, the book empirically examines these externalities: It investigates the banks' factual conduct and its effects on third-party creditors in Germany and the US. The study's most significant outcome is that it disproves the assumption that banks disregard third-party creditors' interests. These findings are then interpreted with the tools of economic analysis; particularly, with the concept of common pool resources (CPRs). Around the aggregated value of the debtor company's asset pool (as CPR) exists an n-person prisoner's dilemma between banks and third-party creditors: No creditor knows when and under what conditions the other creditor will appropriate funds from the debtor company's asset pool. This coordination problem is traditionally addressed by means of bankruptcy law and collaterals. However, the incentive structure that surrounds the bilateral private governance system created by covenants and an event of default clause (a CPR private governance system) is found to also be capable of tackling this problem. Moreover, the interaction between the different regulation spheres - bankruptcy law, collateral and the CPR private governance system has important implications for both the aforementioned discussions as well as the legal treatment of covenants and event of default clauses. Covenants alone cannot be seen as an alternative to institutional regulation; the complete CPR private governance system and its interaction with institutional regulation must also be taken into consideration. In addition, their function must first find more acceptance and respect in the legal treatment of covenants and event of default clauses: The CPR private governance system fills a gap in the regulation of the tragedy of the commons by bankruptcy law and collateral. This has particularly important implications for the German 138 BGB, 826 BGB and ad hoc duties to disclose insider information.

This first major book on Public-Private Partnerships (PPP) in Nigeria explores the legal, policy and strategic issues involved in the structuring and execution of PPP projects in Nigeria. The book goes beyond the toolkit approach of other available resources to blend the theoretical analysis of concepts with practical step-by-step guides for consummating projects. The book adopts a multidisciplinary approach by integrating law, economics, finance and project management literature, relying on the author's extensive experience in the field to give clear insights on the PPP concept. The case study methodology employed in the book produces rich and compelling empirical results. This book is suitable for beginners wishing to develop an understanding of the concept, as well as practitioners advising on PPPs. Students and academics wishing to carry out further research on PPPs will also benefit from the book.

The Chinese market is appealing, but its legal environment is very complicated and full of nooses that await investors. This book intends to provide an in-depth analysis of the legal environment and its hidden risks for foreign investment. It covers two basic investment modes which are green-field and M and A, and almost all concrete legal issues including political risk, tax, land use rights, labor etc. Among them, three chapters focus on the legal system and its risks for the foreign investment in three special industries as private education, water market and insurance. The detailed analysis is based on the newest laws and regulations.

This work presents a detailed analysis of the application of the WTO rule on regional arrangements to the current attempts at co-operation in the Asia Pacific region and makes recommendations for an institutional framework for economic integration in the region. The author argues that a framework for regional co-operation must be flexible in allowing for differential sub-regional arrangements and for a development-oriented trade policy, which has been common in some countries in the region. This thesis is based on a comprehensive account of the history and development of regional co-operation, and of the region's diversified economies and export-oriented development needs. The work concludes with a suggested institutional structure for an Asia Pacific regional arrangement, with particular regard for the compatibility with GATT/WTO rules, including specific recommendations regarding trade and investment liberalization, economic harmonization and dispute settlement.

In the wake of the failure of the OECD draft Multilateral Agreement on Investment (MAI), it has become clear that any attempt to regulate investment at the global level must pay serious attention to the position of developing countries. This collection of essays sheds light on this and other legal, political, and economic issues affecting the intense international debate on this important subject. The result of a symposium sponsored in April 1999 by the E.M. Meijers Institute of Legal Studies at Leiden University, Multilateral Regulation of Investment presents the incisive views of nine outstanding authorities, both academics and practitioners, in disciplines related to investment and development. The authors agree in seeing the objectives of the multilateral regulation of investment, both direct and portfolio, as not only reducing risk but also enhancing trust between investors and states, as host states must be sure that foreign investors will genuinely contribute to sustainable development and the well-being of their populations.

This book deals with set-off in international arbitration proceedings. In these proceedings, set-off is frequently the tool relied upon to resist a claim. At the same time, the legal intricacies make it hard to use. The first part of the book provides a survey of set-off, including its definition, significance, and functions. The second part offers a thorough comparative analysis of selected European laws of set-off and reveals the dramatic differences between them. The third and final part of the book deals with the problematic consequences of these differences and shows the limits and the inadequacy of the traditional choice-of-law doctrines. While demonstrating how to overcome the practical hurdles of the present situation, the third part also offers normative alternatives that may offer significant help in the adjudication of commercial disputes. This will be an invaluable reference for arbitration and commercial practitioners.

Competition policy is in the process of adoption in dozens of nations worldwide, at a time when competition laws have necessarily become applicable to such new fields as trade, investment, intellectual property rights, information technology, and global consumer protection. Although vigorous enforcement - especially across borders - remains the most serious challenge to global success, it is also important to recognize that the established American-European model of competition policy may not be the "right thing" for countries with radically different cultural traditions, especially less-developed countries. This book explores the prospects for competition policy, its likely development, and its ever-more-central role in the world trade regime. With this book, interested parties may benefit from the perspectives of scholars and policymakers representing Asia Pacific, Europe, and North and South America. Issues investigated include: the costs of absorbing a new technology; distinct and evolving national competition policies and the fabric of world trade; extraterritorial enforcement and co-operation agreements; criteria for "material injury" in international trade rules; collusive technology transfer barriers; the re-emergence of transnational cartels; and the tendency of anti-dumping rules to foster cartelization. The major competition policy issues on the international agenda - the harmonization of national policies and international trade rules; the integration of intellectual property rights, technology transfer, and investment; and enforcement co-operation across borders - are all analyzed in depth from many different angles. This is a valuable book for practitioners, government officials, and academics in this critical area of contemporary law and policy.

This incisive book provides a comprehensive overview of the WTO dispute settlement practice from 1995 up until the present day, illustrating the need for it to be resurrected from its current state of crisis. By inquiring into the current set-up of WTO adjudication system, the book explores to what extent its original intent has been followed in practice. Its empirical analysis of decades of data regarding the number, duration, and subject matter of dispute adjudications, as well as the frequency of implemented or non-implemented settlements, illuminates the effectiveness of the system and highlights the issues that have led to the WTO's present predicament. Petros C. Mavroidis employs these findings to build a case for the urgent reform of the WTO dispute settlement system by virtue of its accomplishments. He then concludes with a proposal for a reinvigorated "Dispute Settlement Understanding 2.0". The WTO Dispute Settlement System will prove an essential read for students and scholars of WTO law, as well as lawyers, political scientists and policy-oriented economists interested in the WTO dispute settlement system. Its accessible evaluation of the rationale and practice of key provisions of the adjudication regime will also be of benefit to practicing attorneys.

This book provides one of the most comprehensive and compelling analysis of Non-Market Economies (NMEs) and their treatment under the current world trading system. In particular, it examines the treatment of China as an NME in anti-dumping investigations, especially post-December 2016. Central to this analysis is Section 15 of China's Protocol of Accession to the WTO, which is the focal point of the controversy between China and other major WTO Members. The book highlights multiple perspectives on the interpretation of Section 15 and the Second Ad Note to Article VI of the General Agreement on Tariffs and Trade (GATT), which form the legal basis for China's special treatment in anti-dumping proceedings, and provides unique approaches on interpreting the above treaty texts. In addition, the book explores recourses to trade remedy instruments other than anti-dumping to identify and address state-driven market distortions in the case of NMEs. Authored by leading practitioners and scholars, the chapters offer a detailed commentary and rich insights into the diverse approaches and methods used by anti-dumping investigation agencies of leading users. This book serves as an all-inclusive resource for discerning all facets of this issue, magnitude of the consequences, and potential threats to the delicate trading system. It is of particular relevance to economies-in-transition and newly acceding countries to the WTO. This book generates special interest among legal practitioners, exporters, trading firms, think tanks, academicians, policy makers and the entire community engaged in international trade disputes with China.

The Mode 4 commitments of WTO Members are narrow and shallow.Even though trade negotiations for enhanced Mode 4 access started well before the launch of the DDA- prospects for success are thin.These negotiations followed a traditional mercantilist approach- with limited attention to the underlying difficulties countries face in letting people into their borders, either generally, or on the basis of a WTO GATS commitment.This Book argues that this approach alone will not succeed. It proposes a focus not on trading market access concessions only, but on discussions aimed at understanding each other's regulatory approaches.To date, in terms of the literature available, we know very little about how WTO Members are managing their Mode 4 commitments.We know even less about how the WTO could learn from clearly more advanced steps in regional liberalization processes.This Book addresses these issues- through case studies of market access and national treatment commitments, and regulatory approaches in Economic Integration Agreements of a select group of WTO Members."

Trade Law Like tariffs and other border measures, national regulatory barriers impede international trade. Unlike tariffs, however, such barriers usually indicate an important domestic policy choice. This "conflict of interest" has emerged as a crucial issue in international law, particularly with regard to services, such as telecommunications and health services. This study is the first to analyze the potential impact of incompatibilities between national regulatory regimes and the rules and obligations imposed by the General Agreement on Trade in Services (GATS). In the process of arriving at his challenging concluding theses, the author investigates such relevant concepts as the following: the political and ideological dynamics of GATS negotiations; services trade liberalization in regional integration systems, particularly in EC law; policies common to diverse national regulatory systems; the notions of "deregulation" and "privatization"; the human rights implications of international trade law; the GATS obligations of market access, national treatment, and most-favoured-nation treatment; the role of the WTO's dispute settlement organs; and GATS transparency obligations. Professor Krajewski's study is of enormous significance to specialists in regulatory policies and instruments at all national and sectoral levels, especially in the context of ongoing GATS negotiations. As the author warns: "Unless GATS negotiators and national regulators have a thorough understanding of the relationship between GATS obligations and regulatory policies and instruments, they cannot effectively use the flexible elements of GATS and could reach an agreement which they may later regret."

Prof. Dr. H. C. Klaus Vogel turned 70 in December 2000. For his students, colleagues and friends all around the world he has been not only a teacher and academic, but also a researcher and mentor, and this occasion provided the opportunity to honour him with a Festschrift. This celebratory volume, with contributions in German and in English, is published under the title Staaten und Steuern (States and Taxes) by C.F. Muller Verlag in Heidelberg. With the permission of the publisher, the present volume contains the English language contributions as a separate publication. The following articles are included.

This text is the result of a conference held in London in September 1999, jointly organized by Hammond Suddards Solicitors and the Centre for the Law of the European Union of University College, London. This conference addressed the issues surrounding the European Commission's White Paper published in April 1999. In this respect, the conference presented distinguished speakers with an opportunity to air their views in public on this important development in the evolution of competition law in the European Union. The authors have tried to cover as much ground as possible, giving the view of authoritative contributors and competition authorities from most of the major European countries and from the European Commission. The contributors naturally focus on the Commission's White Paper and view their national situation in this light. There is detailed treatment of the situation in the UK and the entry into force of the UK Competition Act.

In a world of fading borders, the Internet has become a regular method of buying and selling. However, technological and legal means of guaranteeing secure electronic transactions lag behind the increasing flexibility required by a flourishing "virtual" economy. Furthermore, as virtual money circulates it is susceptible to interception, processing and channeling by any number of corporate interests and public authorities. The questions arise: who is going to control what and why? There are, as yet, no firm answers. This book sets the stage and takes the necessary first steps towards developing a reliable legal regime for virtual money. Its purpose is: to analyze the legal issues raised by internet payment systems, and to explain clearly the solutions already adopted; and to discuss policy issues, with available hypotheses, raised by the convergence of financial services and information technology, and by the advent of virtual money. The authors provide a rigorous assessment of the appropriateness of the relevant existing legal instruments that regulate Internet payment systems, and focus in particular upon the rapidly increasing use of "electronic cash" - on smart cards or in the form of dematerialized electronic tokens - which behaves like cash, in that it can circulate between parties without the intermediation of a financial institution. The text aims to help lawyers, policymakers and business people successfully negotiate the radical transformation under way in all sectors of business and industry.

This timely book points the way towards a new positive regulatory framework for international investment following the failure of the Multilateral Agreement on Investment (MAI). It examines the flaws in free-market strategies underpinning the recent phase of globalization, in particular drawing out the lessons from the MAI, which was suspended in October 1998. The authors explore an alternative based on a positive regulatory framework for international business aimed at maximizing the positive contribution to development of foreign investment and minimizing its negative social and environmental impacts. The contributors include academics, researchers for non-governmental organizations, and business and trade-union representatives, writing from a combination of economic, legal and political perspectives. The book combines academic analysis with grass-roots and practical experience, and suggests concrete policy proposals.

This book provides, for the first time in a single publication, a collection of basic documents relating to the international law of nuclear energy. The series of introductions facilitate the understanding of the documents and their context. They embrace the four concerns associated with the safe and peaceful use of nuclear energy, i.e. to ensure: that nuclear energy is used in conformity with basic safety standards; that nuclear material and nuclear facilities are protected against theft and sabotage; that nuclear facilities are not subject to attack during armed conflict; and that nuclear material and facilities are not used for military purposes. The book is an invaluable reference work for all those working in the field of international nuclear law and the regulation of the use of nuclear energy as well as for teachers and students of law.

The entry into force of the Lisbon Treaty entails sweeping changes with respect to foreign investment regulation. Most prominently, the Treaty on the Functioning of the European Union (TFEU) now contains in its Article 207 an explicit competence for the regulation of foreign direct investment as part of the Common Commercial Policy (CCP) chapter. With this new competence, the EU will become an important actor in the field of international investment politics and law. The new empowerment in the field of international investment law prompts a multitude of questions. This volume analyzes in depth the new "post-Lisbon situation" in the area of investment policy, provokes further discussion and offers new approaches.

In the aftermath of the global financial crisis, the world has witnessed increasing manifestations of eroding trust in the international trade regime, including Brexit and the Trump administration's unilateral trade policies. Restoring trust in the international trading system is essential to prevent the rise of economic nationalism and beggar-thy-neighbour policies, which as history has shown are a threat to global welfare and peace. As a scholar, counsellor of the WTO Appellate Body Secretariat, and, between 2009 and 2017, a member of the WTO Appellate Body, Peter Van den Bossche has addressed the challenges faced by the international trade regime and has tirelessly promoted trust in the multilateral governance model. This Liber Amicorum honours his contribution to the development of a 'trustworthy' rules-based multilateral trading system, which has left a lasting legacy. In this timely book, leading experts and friends of Peter Van den Bossche, including his mentors, colleagues and PhD candidates, come together to pay tribute to his work by exploring, from a legal perspective, what can be done to restore trust in trade, focusing on: (1) ensuring a robust institutional framework that promotes rule of law over power politics, (2) safeguarding the integrity and effectiveness of trade dispute settlement, and (3) ensuring that substantive international trade rules appropriately balance trade and non-trade interests.

This book discusses how technological innovations have affected the resolution of disputes arising from electronic commerce in the European Union, UK and China. Online dispute resolution (ODR) is a form of alternative dispute resolution in which information technology is used to establish a process that is more effective and conducive to resolving the specific types of dispute for which it was created. This book focuses on out-of-court ODR and the resolution of disputes in the field of electronic commerce. It explores the potential of ODR in this specific e-commerce context and investigates whether the current use of ODR is in line with the principles of access to justice and procedural fairness. Moreover, it examines the major concerns surrounding the development of ODR, e.g. the extent to which electronic ADR agreements are recognized by national courts in cross-border e-commerce transactions, how procedural justice is ensured in ODR proceedings, and whether ODR outcomes can be effectively enforced. To this end, the book assesses the current and potential role of ODR in resolving e-commerce disputes, identifies the legal framework for and legal barriers to the development of ODR, and makes recommendations as to the direction in which practice and the current legal framework should evolve. In closing, the book draws on the latest legislation in the field of e-commerce law and dispute resolution in order to make recommendations for future ODR design, such as the EU Platform-to-Business Regulation on Promoting Fairness and Transparency for Business Users of Online Intermediation Services (2019) and the United Nations Convention on International Settlement Agreements Resulting from Mediation (2018), which provide the legal basis for ODR's future development.

The TPP was negotiated among 12 economically diverse countries, including some most highly developed and rich countries (i.e., the United States, Japan, Australia, Canada, New Zealand, and Singapore), some newly industrialized countries (i.e., Mexico and Malaysia), and some less-developed countries (i.e., Peru, Chile, and Vietnam). A new paradigm created in this context is that countries with vastly different economic developments can actually agree on a set of very high standards to regulate their economic activities, to liberalize their trade, and to protect intellectual property and foreign investment. The contents of the TPP also reflect its status of being a "new paradigm" as the "21st-Century Trade Agreement" and being a pioneer in rule making in many key regulatory areas. These include not only the improved and enhanced rules on traditional issues already covered by the WTO , such as goods, services, and IP rights, but also the carefully designed rules in areas that have never been addressed in the WTO or comprehensively covered in other FTAs , such as state-owned enterprises, electronic commerce, and labor and environmental issues. Although the United States has withdrawn from the TPP, the remaining countries are still putting efforts into establishing a TPP without the United States or a TPP with China. Economically speaking, the current 11 parties account for about 20 % of the global economy. If such agreement is put into force, there will be significant implications for the region, for the multilateral system, and even for other FTAs. The book addresses the potential of the TPP to change the ways trade and investments are conducted and argues for its potential to be the start of an international trade/economic law revolution. The book elaborates the relationship between the TPP and other existing trade agreements such as the WTO and other FTAs and explains how the TPP is to deal with traditional and new issues. Taken together, the authors argue that the implications of the TPP go beyond its current membership. It is hoped that the book will make an important contribution to the field of international economic law.