Legal practitioners, academics and energy industry representatives from several European countries contribute towards an appreciation of current and proposed EC energy legislation and policy. Legal and policy issues of EC energy regulation are considered and their practical implications, particularly for the oil and gas industry, highlighted. The increasing role of industry is discussed in the light of current key commercial issues facing the oil and gas industry such as abandonment and the current and future role of novel forms of energy financing. Finally, important considerations in North Sea Joint Operating Agreements and EC gas contracts are analyzed in depth.

In an attempt to reduce barriers to international trade, public procurement agreements have evolved during the last three decades of the 20th-century at both global and regional levels. These agreements give rise to a number of complex, topical issues. Yet apart from studies on European Union procurement rules, there are few books on public procurement, particularly covering regional procurement agreements. This study provides an assessment of these agreements, focusing on the problem of protectionism in government procurement, long recognized as a major barrier to international trade. Procurement lawyers, experts and officials; international economic law professors; public international lawyers; and international organizations should all appreciate this guide to understanding international procurement agreements, including the new tendering rules they impose. It also features coverage of all types of international public procurement regimes, multilateral, regional and bilateral.

This title poses a challenge to the consensus on the best way to reform legal systems in order to attract and support foreign direct investment (FDI) in developing countries. Using detailed examples from Sri Lanka, it shows that the "ideal paradigm" approach to legal reform espoused by multilateral development organizations and bilateral aid donors is not only fundamentally flawed, but misconceived for reasons that we may not fully understand. The author recommends a shift in emphasis from the "global" legal reform agenda to a country-specific approach, based on a rigorous formulation of the common ground where the expectations of investors and the countries in question meet. The crux of this "ideal paradigm" approach resides in the generally accepted belief that a Western-style market-oriented, rule-bound legal system is the sine qua non of successfully attracting and supporting FDI. However, through a wide-ranging survey of Sri Lankan and foreign business people, lawyers, non-legal advisers, NGO workers, diplomats, development workers, and government officials, Perry shows that this is far from the case. Investors are generally insensitive to the nature of the host state legal system when making the decision to invest, and their perceptions and expectations of the host state legal system may be significantly affected by such factors as their nationality, export orientation and size. Perry suggests that the conclusions drawn from this detailed analysis from Sri Lanka, applied on a global scale, have the potential to greatly improve the quality of many developing countries' participation in the world economy. The positive and forward-looking thesis of this book will be of great value to policymakers in international organisations and donor government agencies, to law firms handling international business transactions, and to academics in development and other areas of international finance, as well as to investors everywhere.

Global business interacts efficiently despite the heterogeneity of social, economic, and legal cultures which, according to widespread assumptions, cause insecurities and uncertainties. Breaches of contracts may occur more frequently and business relationships may be terminated more often in international than in domestic trade. But most business people engaged in exporting or importing products or services seem to operate in a sufficiently predictable environment allowing successful ventures into the global market. The apparent paradox presented by cultural/institutional diversity and contractual efficiency in cross-border business transactions is the focus of this volume of essays. The wide range of approaches adopted by contributors to this volume include: the Weberian concept of law as a tool for avoiding the risk of opportunism * economic sociology, which treats networks and relationships between contractual parties as paramount * representatives of new institutional economics who discuss law as well as private governance institutions as most efficient responses to risk * comparative economic sociologists who point to the varieties of legal cultures in the social organization of trust * national and international institutions such as the World Bank which try to promote legal certainty in the economy. Inspired and edited by scholars of the famous 'Bremen School, ' these essays will be of great interest to scholars and students of globalization. The book builds on this interdisciplinary exercise by adding empirical evidence to ongoing debates regarding enabling structures for international business. It critically reviews and discusses some propositions which contain interesting hypotheses on the effects of the internationalization of markets on market co-ordination institutions, and on the role of the state in the globalizing economy. (Series: Onati International Series in Law and Society

Global governance emerged as a concept more than two decades ago. Despite its relevance to key processes underlying the major public policy questions of our age, the contours of 'global governance' remain contested and elusive. This Research Review seeks to clarify key trends and challenges in global governance by bringing together the leading scholarship on its different forms. The Research Review discusses key issues in relation to global governance institutions: democracy, legitimacy, accountability, fragmentation, effectiveness and dispute settlement.

This book provides a comprehensive study of the standard of 'full protection and security' (FPS) in international investment law. Ever since the Germany-Pakistan BIT of 1959, almost every investment agreement has included an FPS clause. FPS claims refer to the most diverse factual settings, from terrorist attacks to measures concerning concession contracts. Still, the FPS standard has received far less scholarly attention than other obligations under international investment law. Filling that gap, this study examines the evolution of FPS from its medieval roots to the modern age, delimits the scope of FPS in customary international law, and analyzes the relationship between FPS and the concept of due diligence in the law of state responsibility. It additionally explores the interpretation and application of FPS clauses, drawing particular attention to the diverse wording used in investment treaties, the role ascribed to custom, and the interplay between FPS and other treaty-based standards. Besides delivering a detailed analysis of the FPS standard, this book also serves as a guide to the relevant sources, providing an overview of numerous legal instruments, examples of state practice, arbitral decisions, and related academic publications about the standard.

Regulating subsidies in international trade is crucial to the efficient and equitable allocation of resources and ultimately to global welfare. Much of the serious instability that persists in today's interdependent world may be traced to government interventions that dilute or defy such regulation. In this in-depth analysis of subsidies and State aids, Gustavo Luengo details the regulatory elements that reveal how governments undertake the granting of support to their national industries. Although in theory such support is aimed at two overriding economic objectives - the elimination of harmful distortions, and the correction of market failures - he shows that in practice it is political contexts that determine the principles and objectives of the regulation of subsidies. The analysis focuses on two mature regulatory systems, those of the World Trade Organization (WTO) and the European Communities (EC). The author describes both legal frameworks, and then proceeds to examine the differences and conflicts between the two systems, along with their reasons, consequences, and possible solutions. Significant aspects of the regulation of subsidies that emerge from the analysis include the following: the role of 'countervailing measures'; the EC notion of 'State aid' as developed by the European Commission and the European Court of Justice; procedures for controlling subsidies under both systems and the consequences of granting subsidies in violation of applicable rules; the elements of 'financial contribution' and 'benefit' under the Agreement on Subsidies and Countervailing Measures (ASCM); actionable and non-actionable subsidies; agricultural subsidies in both systems; and, the role of WTO dispute settlement procedures. Both for its clear and comprehensive overview of the regulation of subsidies and State aids and for its insightful recommendations, this book will be welcomed as a major contribution to the field of international economic law. Practitioners, policymakers, officials, and academics will all find it enormously valuable for its analytic depth and its direct applicability to the need to develop fair and enforceable regulation of subsidies and State aids.

This innovative book proposes a fundamental rethink of the consensual foundation of arbitration and argues that it should become the default mode of resolution in international commercial disputes. The book first discusses the most important arguments against this proposal and responds to them. In particular, it addresses the issue of the legitimacy of arbitrators and the compatibility of the idea with guarantees afforded by European human rights law and US constitutional law. The book then presents several models of non-consensual arbitration that could be implemented to afford neutral adjudication in disputes between parties originating from different jurisdictions' to offer an additional alternative forum in the doctrine of forum non conveniens or to save judicial costs. The first dedicated exploration into the groundbreaking concept of default arbitration, Rethinking International Commercial Arbitration will appeal to scholars, students and practitioners in arbitration and international litigation.

The issue of international antitrust enforcement is high on the agenda for both developed and developing countries. Bilateral cooperation between antitrust agencies, in particular the European Commission and US agencies, is the focus of this new work. It first shows how bilateral cooperation was developed as a response to the limits of the unilateral and extraterritorial application of national competition laws, and how it has evolved from an instrument initially designed to avoid conflicts into a tool aimed at coordinating joint investigations of international competition cases. It then considers how bilateral cooperation could be used optimally, by analysing two forms of advanced cooperation: the exchange of confidential information, and positive comity, which is the only satisfactory answer competition law can provide to market access cases. It shows that the use of such instruments is limited by significant legal and political obstacles, even in the context of the exemplary EC US relationship. The book therefore argues that the efficient use of bilateral cooperation will be limited to a small number of well-established competition agencies. If international anticompetitive practices are to be efficiently addressed by an increasingly large and heterogeneous group of competition agencies, horizontal cooperation between antitrust agencies must be complemented by a multilateral and supranational solution going beyond proposals currently put forward. The book concludes that only the WTO and its dispute settlement system could provide the basis for such a system.

There is no question that the North American Free Trade Agreement (NAFTA) greatly enhanced trade among the United States, Canada and Mexico. Still, despite the Agreement's title, a sizeable portion of trade between the three countries is not 'free' at all. Likewise, notwithstanding successive multilateral trade deals and dozens of bilateral free trade agreements concluded individually by the NAFTA countries with other countries, a great deal of trade between the NAFTA countries and non-NAFTA countries remains subject to various restrictions. These restrictions include trade remedies, i.e. antidumping duties, countervailing duties, and safeguards. The aim of this timely book is to bring together in a single detailed work the law and practice of trade remedies in all three NAFTA countries, including the role of legal and economic analysis in trade remedy determinations, in light of the relevant international trade rules at the bilateral, NAFTA and WTO levels and their economic and political underpinnings.

This book explores the concept of test data exclusivity protection for pharmaceuticals. Focusing on Art 39(3) of the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement) and relevant provisions in selected free trade agreements (FTA) and national laws, it combines normative, historical, comparative and economic analysis of test data exclusivity protection.At the heart of this book is the novel and original Index of Data Exclusivity and Access (IDEAS), which analyzes the effectiveness of test data exclusivity provisions in FTAs and national laws both on the strength of exclusivity as well as on access to medicine. IDEAS provides a framework for the assessment of current test data exclusivity protection standards on the basis of their proximity to Article 39(3) of the TRIPS Agreement, the scope of exclusivity and the flexibilities in FTAs, and subsequently in national laws. This book aims to broaden national and international policy makers' grasp of the various nuances of test data exclusivity protection. Furthermore, it provides practical recommendations with regard to designing an appropriate legal system with a strong focus on promoting access to medicine for all.

This "Liber Amicorum" is written in honour of Richard M. Buxbaum to celebrate his 70th birthday. It pays tribute to his writings, teachings, editorial and administrative work, which have contributed immensely to the development of the international legal order. The contributions are from international experts in the field of commercial and economic law, corporate law, intellectual property and business law, and give an interesting and valuable account of current economic trends and academic thinking.

For the Liber Amicorum, dedicated to Professor Budislav Vukas, his colleagues and former students have contributed essays on topical issues of contemporary international law, primarily in the fields that were the focus of Professor Vukas's interest during his long-lasting academic and international career at the University of Zagreb, Faculty of Law, the International Tribunal for the Law of the Sea, the International Labour Organization, the Institut de Droit International and many other law schools and international institutions and organizations. The essays in this collection, thus, deal with current developments concerning the subjects of international law (i.a. jurisdictional immunities of states, responsibility of states, international organizations, other non-state entities), the law of the sea (i.a. jurisdictional zones, delimitation, piracy, underwater cultural heritage protection, fisheries, land-locked states), human rights law, including minorities' protection (i.a. European Court of Human Rights, humanitarian assistance, protection in the event of disasters, social and labour rights, rights of the child), and dispute settlement (i.a. International Court of Justice, International Tribunal for the Law of the Sea, arbitration, diplomatic means). Of the 49 essays written by scholars and practitioners from different parts of the world six are in French.

In this volume 21 experts from all over the world examine the UNIDROIT Principles from the perspective of their respective countries, focusing, among others, on the similarities and differences between the UNIDROIT Principles and domestic law, and the use of the UNIDROIT Principles in actual practice (contract negotiation, arbitration proceedings, model for law reform projects, etc.). These national reports are critically analysed in the General Report by Professor M.J. Bonell, Chairman of the Working Group for the preparation of the UNIDROIT Principles.

Law relating to trade in financial services is examined here, with a particular focus on the rules contained in Chapter 14 of the North American Free Trade Agreement (NAFTA). After a detailed analysis of the relevant provisions and their effect on financial institutions in Canada, Mexico, and the United States, the author examines the impact of the NAFTA rules on the legal position of banks operating in countries outside NAFTA, particularly in the context of the WTO financial services provisions. The book concludes with a chapter on the effects of a potential NAFTA expansion. The book aims to contribute to the development of a new legal and regulatory framework distinct from those of trade and financial services law, and offers an insight into how trade in financial services within a regional trade agreement develops its own legal dynamic.

On the occasion of the 50th Anniversary of the multilateral trading system (GATT/WTO), the World Trade Organization (WTO) organized a symposium to discuss and analyze the current and future role of the world trading system. The rapid developments in the 1990s - not only political, but also economic and technological changes - have brought the WTO to a turning point in its existence. The new challenge, as the Director General stated in his opening remarks at the symposium, is not just to advance free trade against the forces of protectionism. The WTO's future agenda should also look at how investment and competition laws affect market access; whether differing labour or environmental standards confer a trade advantage and how this should be dealt with; whether taxation and innovation policies constitute a subsidy; whether governments should be allowed to regulate content on the Internet. These and other issues are a world away from "traditional" trade concerns such as tariffs or quotas, and yet all are included, in one form or another, on the new trade agenda. In this topical collection of essays, academics in international trade take a fresh look at the future of the global trading system and give an analysis of the new trade agenda.

This volume presents national reports describing the legal instruments that are available to prevent the payment of bribes for acquiring contracts. Anti-corruption is one of the preeminent issues in the modern global commercial order and is tackled with the help of criminal law and contract law in different ways in different countries. The reports included in this volume, from very diverse parts of the world, represent a unique and rich compilation of court decisions, doctrinal discussions and a pool of suggested solutions. The central theme is the enforceability of three problematic types of contracts: the bribe agreement, whereby a bribe payer promises the agent of his business partner a personal benefit in exchange for favourable contract terms; the agreement between a bribe payer and an intermediary (a "bribe merchant"), where the latter offers his expertise to help funnel bribes to agents of the business partner; and finally, the contract between the bribe payer and his business partner which was obtained by means of bribery. The analysis is tailored toward commercial contracts, which can also include contracts with state-owned enterprises. The examination and comparison of international and national initiatives included in this volume advance the discussion on the most appropriate remedies in corruption cases, and show how to get past the boundaries of criminal, private and contract law.

The Changing Landscape of Global Financial Governance and the Role of Soft Law provides interdisciplinary perspectives on the changing landscape of global financial governance by exploring the impact and role of soft law, directly or as a precursor of hard law, pertaining to financial governance. Since the shaping of financial governance impacts national, regional and global levels of regulation, different views and arguments contribute to the ongoing discussions about financial regulation. Against this background, this book brings together perspectives of economists and lawyers who have not rallied to one or the other popular call for more regulation as a panacea for the prevention of future global financial crises, calls which have all but drowned out more nuanced scientific debates. Instead, their analysis of aspects of remedial regulatory policy prescriptions already made or proposed demonstrates that carefully designed soft law can be deployed as a valuable method or tool of mediation between the unrestrained autonomy of dysfunctional markets and overzealously crafted hard law.

This volume offers a comprehensive and empirically rich analysis of regional maritime disputes in the South China Sea (SCS). By discussing important aspects of the rise of China's maritime power, such as territorial disputes, altered perceptions of geo-politics and challenges to the US-led regional order, the authors demonstrate that a regional power shift is taking place in Asia-Pacific. The volume also provides in-depth discussions of the responses to Chinese actions by SCS claimants as well as by important non-claimant actors.

Counterfeit products represent a growing problem for a wide range of industries. There are many estimates of the size of this problem most of which coalesce around $500-billion annually on a global basis. Overall, a wide range of industries agree that there is a severe problem with the global protection of intellectual property rights (IPR), yet, there have been virtually no attempts to describe all aspects of the problem. This book aims at giving the most complete description of various characteristics of the intellectual property rights (IPR) environment in a global context. The authors believe a holistic understanding of the problem must include consumer complicity to purchase counterfeit, actions of the counterfeiters (pirates) as well as actions (or inaction) by home and host governments, and the role of international organizations and industry alliances. Only after establishing how all the actors in the IPR environment relate to one another can we describe global protection of the intellectual property rights environment and the managerial response of IPR owners and/or industry associations to combat this ongoing problem. The bookconcludes with pragmatic recommendations for protecting intellectual property given the recent trends discussed in the previous chapters, making it of interest to practitioners and policy-makers alike.

'In The ASEAN Comprehensive Investment Agreement: The Regionalization of Laws and Policy on Foreign Investment, Julien Chaisse and Sufian Jusoh provide analysis --unmatched in scope and detail -- of ACIA's role in supporting the development of the ASEAN Economic Community. This contribution will serve as an invaluable resource for policymakers, business leaders, lawyers, and scholars interested in the development of investment law and policy in Asia.' - Mark Feldman, Peking University, China 'Julien Chaisse and Sufian Jusoh take up the formidable challenge of unpacking the ingredients of the Asian ''noodle bowl'', delivering a comprehensive book that synthesizes the convoluted investment legal standards pertaining to the ASEAN into an intelligible discourse. Throughout, they offer insight into the design and purpose of this model of economic integration, as well as its impact on the rights of investors from states neighbouring the ASEAN region. This volume serves as a reliable and practical guidebook that will edify any reader interested in the subject matter.' - Kyle Dickson-Smith, FCIArb., Canada/Australia The international law of foreign investment is one of the fastest growing areas of international economic law and policy which increasingly rely on large membership investment treaties such as the ASEAN Comprehensive Investment Agreement (ACIA). This book comprehensively examines the role of this specific international treaty on investment and situates it in the wider global trend towards the regionalisation of laws and policy on foreign investment. Considering the state of the ASEAN Economic Community in 2015 and its transformation until 2025, Julien Chaisse and Sufian Jusoh illustrate the pivotal role ACIA has to play in future international investment law negotiations and the benefits to ASEAN and third country investors and their investments. Collective commitment to a common standard contributes to depoliticize any potential conflict between individual investors and host states making the agreement particularly crucial to discussions involving ASEAN member states and between ASEAN and Dialogue Partners as well as to investment decisions including investment liberalization and investment facilitation. Offering the first detailed analysis of ACIA and its applications, this book will prove essential reading for legal practitioners in the field of international investment law as well as researchers and students studying the ASEAN Economic Community and its contemporary moulding.

Wielded by major economic powers, linkages between trade and such issues as environmental protection and human rights have become a widely used and controversial policy instrument. This volume provides a comprehensive and authoritative analysis, across issue-areas, of the European Union's deployment of trade to advance its normative goals.' - Miles Kahler, Council on Foreign Relations'The EU treaties call for the EU to promote its core values internationally. Trade is one instrument to do so: linking preferential access to the large EU market to convergence towards EU or internationally agreed norms. The volume offers an insightful discussion of the scope for, and the effectiveness of, EU trade linkage strategies to influence the labour, environmental and human rights-related policies of selected trade partners. It advances the state of our knowledge on a controversial and important subject.' - Bernard Hoekman, EUI and CEPR, Italy A 'new generation' of EU trade policies aims to advance public goods such as promoting sustainable development, protecting human rights and enhancing governance in third states. The pursuit of these objectives raises important questions regarding coherence, effectiveness, legitimacy and extraterritoriality. In Global Governance through Trade leading scholars from different disciplines address these topical questions. The book contains a comprehensive analysis of the concept of governing through trade and investigates how the EU 'exports' regulation through conditional market access regulation, bilateral trade agreements and unilateral trade policy. Several case studies complement the general analysis and provide an in-depth assessment of the European Union's new trade policies. This multidisciplinary book will be an enlightening read for a wide-ranging audience encompassing academics, policymakers, policy analysts and students of, amongst others, trade law and policy, global governance, sustainable development, human rights and labor standards. Contributors: L. Bartels, L. Beke, N.A.J. Croquet, C. Damro, D. Geraets, N. Hachez, M. Koekkoek, J. Larik, R. Leal-Arcas, A. Marx, P.C. Mavroidis, B. Natens, C. Ryngaert, J. Soares, G. van Calster, C.M. Wilmarth, J. Wouters, J. Yap

With industrialization and globalization, corporations acquired the capacity to influence social life for good or for ill. Yet, corporations are not traditional objects of criminal law. Justified by notions of personal moral guilt, criminal norms have been judged inapplicable to fictional persons, who 'think' and 'act' through human beings. The expansion of new corporate criminal liability (CCL) laws since the mid-1990s challenges this assumption. Our volume surveys current practice on CCL in 15 civil and common law jurisdictions, exploring the legal conditions for liability, the principles and options for sanctioning, and the procedures for investigating, charging and trying corporate offenders. It considers whether municipal CCL laws are converging around the notion of 'corporate culture', and, in any case, the implications of CCL for those charged with keeping corporations, and other legal entities, out of trouble.

The topic of harmonisation of European private law, and European contract law in particular, is rapidly gaining in importance. The topic is not only widely studied by academics and students all over Europe (and even beyond), it is also on the political agenda of the European Parliament, the European Commission, and the European Council. The most important achievement in this field is no doubt the Principles of European Contract Law (PECL), drafted by the Commission on European Contract Law. The European Commission considers the PECL to be a serious option for further harmonisation of European contract law within the European Union. This publication is the first to provide a systematic overview of the PECL in comparison with Dutch contract law as a whole. The book is concise and because of its structure it is easily accessible. Amongst the contributors there are many highly distinguished contract law specialists. It may be used at universities in courses on Comparative Law, European Private Law, and European Contract Law. It may also be used by international practitioners, foreign students, and academics interested in Dutch contract law who do not have access to Dutch contract law because they have no knowledge of the Dutch language. Last but not least, the book will be of interest to all jurists interested in the harmonisation of the European Private Law.

This book analyzes the modern trend in the Japanese M and A market. It reveals from different perspectives the process of convergence to a new monitoring model of the corporation: "the market for corporate control." The book contains a systematic survey of all relevant economic and legal information in this field.

Analysis of 17 recent cases of hostile takeover is presented.