The International Trade and Business Law Review publishes leading articles, comments and case notes, as well as book reviews dealing with international trade and business law, arbitration law, foreign law and comparative law. It provides the legal and business communities with information, knowledge and understanding of recent developments in international trade, business and international commercial arbitration.

The Review contributes in a scholarly way to the discussion of these developments while being informative and having practical relevance to business people and lawyers. The Review also devotes a section to the Willem C. Vis International Commercial Arbitration Moot and publishes the memoranda prepared by teams coached by Professor Gabriel A. Moens.

The Review is edited at the Murdoch University School of Law in Perth, Australia. The Editors-in-Chief are Mr Roger Jones, Partner, Latham & Watkins LLP, Chicago and Gabriel A. Moens, Dean and Professor of Law, Murdoch Law School. It is an internationally-refereed journal. The Review is supervised by an international board of editors that consists of leading international trade law practitioners and academics from the European Union, the United States, Asia and Australia. The Student Editors for Volume XII are Sybil Almeida, Gianni Bei, Luke Rotondella, and Nicholas Summers from the Murdoch Law School.

This up-to-date and revised third edition offers a clear and comprehensive overview of the main principles, institutions and procedures related to foreign direct investment and the resolution of disputes. Suitable for both upper-level undergraduate and postgraduate courses on international investment protection, the book is firmly grounded within the wider public international law context. Key Features of the third edition: Incorporates extracts from and analysis of key recent decisions, including David Aven et al v. Costa Rica, Greentech Energy Systems et al v. Italy and Venezuela v. OI European Group Coverage is brought up to date with new discussion of revised investment treaty texts and new court system proposals Balanced and neutral engagement with both normative standards and critiques of the system encourages students to draw their own conclusions Provides concise descriptions of the legal principles followed by extracts from both classic and contemporary cases to enhance understanding of core concepts Contains detailed discussion notes and all new 'Questions to an Expert' to enable further classroom discussion and facilitate critical reflection on complex topics. The concise nature of the book and accessible writing style make this an ideal text for non-specialists and for single semester courses on international investment protection.

Law plays a key role in determining the level of entrepreneurial action in society. Legal rules seek to define property rights, facilitate private ordering, and impose liability for legal wrongs, thereby attempting to establish conditions under which individuals may act. These rules also channel the development of technology, regulate information flows, and determine parameters of competition. Depending on their structure and implementation, legal rules can also discourage individuals from acting. It is thus crucial to determine which legal rules and institutions best enable entrepreneurs, whose core function is to challenge incumbency. This volume assembles legal experts from diverse fields to examine the role of law in facilitating or impeding entrepreneurial action. Contributors explore issues arising in current policy debates, including the incentive effect of legal rules on startup activity; the role of law in promoting or foreclosing market entry; and the effect of entrepreneurial action on legal doctrine.

This 2007 third edition continues to be a comprehensive and authoritative guide to the business, practice, law, and practical use of project finance. It covers the complete project finance structure, from conception to negotiation to debt closing, and from project difficulties to successful restructuring. The book continues to be accessible to those with little experience in project finance, while maintaining the insight and detail of previous editions that has made it a valuable reference for the experienced lawyer, manager, banker, contractor, and government official. This edition focuses on a real-world, practical approach to project finance, without the overuse of case studies and economic theory. Yet the contract forms, detailed glossary, index, and project finance bibliography make it a complete text.

The second volume of the Balkan Yearbook of European and International Law (BYEIL) focuses on the United Nations Convention on Contracts for the International Sale of Goods (CISG), which was signed 40 years ago. The contributions analyse a broad range of aspects and reflect the latest developments; those in the permanent sections on European Law and International Law explore contemporary challenges in public and private law disciplines, offering fresh new perspectives on established concepts.

Congratulations on an outstanding book on the WTO TBT Agreement! International regulations and standards reflect societies' fundamental choices. Regulating and monitoring them is complex, and the renowned co-authors of this book have well understood the multi-faceted matters at stake. In this book, world experts have seized a unique opportunity provided by the wealth of recent TBT jurisprudence to analyse the different dimensions of the TBT Agreement, a WTO agreement little discussed up to now. WTO experts as well as anyone interested in the reach of WTO law into the balance between national sovereignty and the need for international co-operation must read this book.' - Gabrielle Marceau, WTO, Legal Affairs Division, UNIGE and Graduate Institute, Geneva, SwitzerlandA relatively new frontier for legal and policy analysis, technical barriers to trade (TBT's) have become more common as traditional border barriers have been reduced. This comprehensive Handbook comprises original essays by eminent trade scholars exploring the implications of the WTO's TBT Agreement. The TBT Agreement imposes disciplines on the manner in which WTO member countries adopt and maintain technical measures, recognizing the importance of such measures to advance legitimate domestic policy goals such as health, safety and environmental objectives, but also the potential for technical measures to constitute barriers to trade. The contributors to this volume provide an in-depth examination of the text of the Agreement and how the WTO's dispute settlement system, the TBT Committee, WTO members, and other international organizations have engaged with and been affected by it. The book's comprehensive and accessible approach makes it a first point of reference for all trade law practitioners, policymakers and regulators. For scholars and students, the Handbook will prove essential reading for a deeper understanding of trade law. Contributors: A.E. Appleton, A. Arcuri, M. Cardwell, H. Churchman, M.M. Du, T. Epps, C. Gascoigne, L. Gruszczynski, B. Hazucha, R. Howse, A. Kudryavtsev, P.C. Mavroidis, G. Mayeda, A. Mitchell, D. Prevost, F. Smith, J.P. Trachtman, M.J. Trebilcock, T. Voon, M. Wagner, E.N. Wijkstroem

In this time of unwillingness, the right kinds of global solutions are needed now more than ever. Climate change is here and intensifying. Anxieties over economic globalization grip many in the fear of change. While these fearful have turned inward into unwillingness, the world's willing are working harder than ever for international and other cooperative solutions. James Bacchus explains why most of the solutions we need must be found in local and regional partnerships of the willing that can be scaled up and linked up worldwide. This can only be achieved within new and enhanced enabling frameworks of global and other international rules that are upheld through the international rule of law. To succeed, these rules and frameworks must for the first time see and treat economy and environment as one. The Willing World explains how best we can build the right legal structure to attain our global goals - and summon and inspire the willingness needed to do it.

This book considers some of the fundamental issues concerning the legal framework that has been established to support a single EU securities market. It focuses particularly on how the emerging legal framework will affect issuers' access to the primary and secondary market. The Financial Services Action Plan (FSAP, 1999) was an attempt to equip the community better to meet the challenges of monetary union and to capitalise on the potential benefits of a single market in financial services. It led to extensive change in securities market regulation: new laws; new law making processes, and more attention to the mechanisms for the supervision of securities market activity and legal enforcement. With the FSAP nearing completion, it is a good time to take stock of what has been achieved, and to identify the challenges that lie ahead.

This book is a pivotal publication that seeks to improve food security in the conditions of escalating protectionism in global agricultural trade. The authors argue that global trade systems have been increasingly distorted by emerging trade tensions between major actors such as the US, China, the EU, and Russia, as well as trade policies in many other countries. In view of the most recent disruption of global food supply chains due to the outbreak of the COVID-19, the book examines the effects of administrative restrictions, tariff escalations, and other forms of protectionism on food security. Over the decades, food security concerns have been emerging, along with the growth of the world population. More than two billion most impoverished people in the world spent up to 70% of their disposable income on food. In 2020, the running pandemic has unraveled accumulated problems. As many countries rely on agricultural imports, lockdowns and disrupted food production and supply chains tremendously threaten food security of those nations. Agricultural trade was already slowing in 2019 before the virus struck, weighed down by trade tensions, and decelerating economic growth. The spread of the virus and strict quarantine measures trigger economic decline that results in food prices rises and volatilities. Due to the pandemic, nearly all regions will suffer double-digit decline in trade volumes 2020. The virus will be defeated, but the effects of the protectionism outbreak would have a much longer-lasting impact on agricultural production, international supply chains, and food security worldwide. In this publication, the authors probe into many of the choices that link national, regional, and global policies extensively with the provision of food security for all in the new era of post-virus global trade. Since studying global agricultural trade has a multinational application, its outcomes might be shared with a broad international network of stakeholders, including research institutions, universities, and individual researches. The book is appropriate for government officials, policymakers, and businesses of many countries. Adaptation of research outcomes and solutions to the situation in particular countries and various collaboration formats will let to increase the visibility of the publication and to elaborate new practices and solutions in the sphere of establishing sustainable food security.

This book provides comprehensive, in depth analysis of the different sets of rules of origin adopted by major trading partners, namely EU, US, China and Japan and all trading regions - Asia, Africa and Latin America. It discusses the current status of non-preferential as well as preferential rules of origin in international trade, their evolution over last decades and tendencies for the future. With its multidisciplinary approach, the book's contents provide legal and economic comparative analysis of different sets of rules origin, reviewing their drafting differences and their implications and impact on industrial and investment environments. Drawing from the thirty years' experience of the Author, the book provides insights from trade negotiations along with practical tools for policy makers and practitioners, orientation for the private sector and analytical tools for researchers. A new methodology to draft product specific rules of origin based on an input-output table elaborated by the Author is a distinctive feature of this new edition as well as a new chapter dealing with administrative aspects of rules of origin.

This book is the first legal treatment of tied aid and examines in detail the compatibility of tied aid with EU and WTO law. The workings of the aid projects and aid procurement systems of donor countries granting bilateral aid are fully examined through case studies from the UK, Italy, the EU and the US. Tied aid refers to aid granted to developing countries on condition that goods and services for the aid-financed projects are purchased from the donor country only. The recipient country, in order to receive the grant or the loan, has no other choice but to fulfil the condition imposed by the donor. Economists have shown that tying aid undermines the effectiveness of aid. It leads to higher costs paid for the goods and services purchased and the distortion of the nature of the aid. Further, tying frustrates the potential of aid to foster trade between developing countries - in many of these countries public bodies and, in particular, aid-financed projects are major potential outlets for trade between neighbouring states. The importance of tied aid has been pointed out in economic literature but there is surprisingly little written on the legal aspects of tied aid practices and this book seeks to fill this major gap in the literature. The book is of interest to academics in the field of EU and WTO law, NGOs and practitioners working both in the field of public procurement and development policies.

Reconciling all fields of international economic law (IEL) and creating bridges between disciplines in a conceptual as well as practical manner, this book stands out as the first modern, comprehensive international economic law textbook. Containing a technically solid yet critically rich body of knowledge that spans disciplines from trade law to investment, from trade finance to fisheries subsidies, from development to the digital economy and other new-age topics, the book offers the widest possible coverage of issues in current international economic law. Positioning IEL as a truly global practice, the comprehensive coverage includes various treaty texts, landmark cases and new materials, and is supplemented by case studies, real-life examples, exercises and illustrations. The case extracts and legal texts are selectively chosen, with careful editing and serious deliberation to engage modern law students. Mini chapters show examples of interdisciplinary interactions and provide a window into the future disciplines of international economic law.

This timely book examines international trade and investment law at various levels of governance, including unilateral, bilateral, regional, and multilateral arrangements.Rafael Leal-Arcas demonstrates that the nature of international trade law is fragmented and cyclical. Whilst not always straightforward, the process of making international trade law more multilateral, beginning with the General Agreement on Tariffs and Trade in 1947, has been largely successful. The author shows how this success could be emulated for international investment law, as well as providing a careful analysis of the choice of jurisdiction ? regional versus global ? for the settlement of disputes.This insightful book will be an invaluable resource for research institutions, legal practitioners, judges, trade and investment policy-makers, officials at international organizations and national civil servants. Advanced students of international economic law, international investment law, external relations law of the EU, international trade law and WTO law will also find this book important.

This book offers a distinctive critical discussion of the relationship between sovereign debt and socio-economic human rights in the context of the contemporary global neoliberal economic order, going beyond strictly 'post-crisis' approaches and emphasising the structural character and consistent growth of public and private indebtedness. It reflects on the implications of mounting debt for the actual ability of States to realise human rights in a world of escalating indebtedness, inequality and insecurity. It expands existing definitions of neoliberalism by reflecting in particular on neoliberalism's epistemological underpinnings, and provides a comprehensive and systematic analysis of the 2009 Greek debt crisis and the main elements of post-crisis developments in international and EU law, arguing that the 'neoliberalisation of law' has essentially been advanced in the wake of the Eurozone debt crisis.

The WTO dispute settlement process has evolved in recent years into one of the most successful, yet complex, systems of international arbitration. In this extensively revised new edition of Palmeter, Mavroidis, and Meagher's authoritative book on WTO dispute settlement, the authors provide a comprehensive overview of each step of the WTO dispute settlement process, examining both the history of the system, the governing legal rules, and the more informal procedural aspects of the process in detail. This edition takes into account the jurisprudence of panels and the Appellate Body up to the end of 2020 and includes an analysis of the current crisis in the WTO Appellate Body. This volume is an essential tool for practitioners, diplomats, government lawyers, and students of WTO law and should equally be of interest to students of other forms of international arbitration.

The WTO dispute settlement process has evolved in recent years into one of the most successful, yet complex, systems of international arbitration. In this extensively revised new edition of Palmeter, Mavroidis, and Meagher's authoritative book on WTO dispute settlement, the authors provide a comprehensive overview of each step of the WTO dispute settlement process, examining both the history of the system, the governing legal rules, and the more informal procedural aspects of the process in detail. This edition takes into account the jurisprudence of panels and the Appellate Body up to the end of 2020 and includes an analysis of the current crisis in the WTO Appellate Body. This volume is an essential tool for practitioners, diplomats, government lawyers, and students of WTO law and should equally be of interest to students of other forms of international arbitration.

This new book from MOCOMILA, the Monetary Law Committee of the ILA, is a unique collaboration of the top academic and practitioner monetary and financial lawyers from around the world. It examines current legal issues of international monetary and financial law in the light of the current global financial crisis and consequent reforms of international and domestic financial architecture. The book deals with post-crisis financial regulation and supervision, including that of rating agencies and sovereign wealth funds, and financial crisis resolution with an analysis of bank rescue operations.
Covering matters of current interest such as central banks, international payments, money laundering, and sovereign debt, this book is for banking and financial practitioners, in-house lawyers, central banks and international financial institutions as well as academics in the field of international and financial law.

What does the concept of good faith express? This book is the first to discuss what good faith means in international trade law. As a reference guide for scholars and practitioners it analyses the case law of WTO dispute settlement practice. The book describes how, why and when the concept of good faith links the WTO Agreements with other public international norms. The concept of good faith appears frequently in treaties and customary rules, but is most often considered a general principle of law. WTO law uses the corrolaries of pacta sunt servanda, the prohibition of abus de droit and the protection of legitimate expectation alongside the principle of good faith. An analysis of GATT 1947 and WTO case law reveals that the function of good faith varies. The Panel reports and the Appellate Body decisions make different use of it. The Appellate Body is prepared to apply the principle to WTO provisions only, while Panels use it more freely and substantively; that is, they apply good faith to fill lacunae in any of the WTO covered agreements. Also, adjudicators use the principle differently, depending on whether it relates to the agreements covered by the WTO or the procedural law of WTO dispute settlement. As it applies to the former, good faith is used to strike a balance between, on the one hand, the obligation to liberalise trade, and on the other hand, the right to invoke an exception to trade liberalisation for the protection of the environment, culture, public morals, human life or health. In this way, good faith safeguards the gains of multilateral trade liberalisation against unlawful interests such as disguised protectionism. The book also introduces the novel field of WTO procedural law governing trade dispute litigation. In the Dispute Settlement Understanding (DSU), good faith appears in the standard of review, rules of evidence and fact-finding, standing, duty of prior consultation, right of establishment of a panel, ex officio investigations, withdrawal of notices of appeal, and the raising of objections. In all these areas it ensures that the rules of dispute resolution are not abused. The Appellate Body has even gone so far as to derive a new standard from the principle of good faith that demands that disputes are settled fairly, promptly and effectively. Insights into good faith in WTO law are not only important for trade law professionals. Current applications and future operations of the principle are likely to be of strategic value for answering the increasingly pressing question of how WTO law and other international agreements ought to be reconciled.

This book presents an integrated jurisprudential critique of neoclassical microeconomic theory. It explains what is 'really wrong' with the theory both descriptively, as well as normatively. The criticism presented is based on questions of jurisprudence, and on neoclassical theory's sins of omission and commission concerning the underlying system of property and contract. On the positive side - while the presentation is almost entirely non-mathematical - the book contains the first mathematical treatment of the fundamental theorem about property and contract in jurisprudence that underlies a market economy. The book follows the tradition of John Stuart Mill as the last major political economist who considered the study of property rights as an integral part of economic theory. The conceptual criticisms presented in this book focus on the descriptive and normative misconceptions about property and contracts that are deeply embedded ideology in neoclassical economics, not to mention in the broader society. The book recognizes that the idealized microeconomic theory is not descriptive of reality and focuses its criticism on conceptual mistakes in the theory, which are even clearer due to the idealized nature of the theory. Therefore, the book is a must-read for scholars, researchers, and students interested in a better understanding of jurisprudence in economics, neoclassical microeconomic theory, and political economy in general.

This book analyzes empirical data from three specific Regional Fisheries Management Organizations (RFMOs) designed to establish rules for the conservation and management of fish stocks in the ocean, in order to assess their effectiveness in converting science into policy for the recovery and maintenance of fishery populations. The three RFMOs discussed are the CCAMLR (Convention for the Conservation of Antarctic Marine Living Resources), the ICCAT (International Commission for the Conservation of Atlantic Tunas) and the CCSBT (Commission for the Conservation of Southern Bluefin Tuna). The book seeks to understand when governments choose to listen to science, and establishes a framework to examine the institutional designs currently in place to accommodate RFMO policy suggestions and the conditions under which they are implemented successfully. The study will be of interest to academics and professionals broadly interested in global environmental governance and international relations, and will specifically appeal to policymakers, conservationists, and environmental researchers interested in fishery management and policy at the global and regional scale. Goncalves provides an accessible and comprehensive analysis of RMFOs. She offers valuable insights into the role of science and politics in shaping sustainable fisheries policies for the open oceans. ---Peter M Haas, Professor Department of Political Science, University of Massachusetts Amherst As envisaged by the UN Decade of Ocean proclamation, this book is an important and sincere effort, hopefully to be accompanied by many others to come during this promising decade, that will help to build a common framework to ensure that ocean science can support countries and the international community in creating improved conditions for the sustainable development of our cherished Ocean. ---Fabio H. Hazin - Professor at Federal Rural University of Pernambuco, Brazil

The World Trade Organization (WTO) is an incomplete contract among sovereign countries. Trade policy flexibility mechanisms are designed to deal with contractual gaps, which are the inevitable consequence of this contractual incompleteness. Trade policy flexibility mechanisms are backed up by enforcement instruments which allow for punishment of illegal extra-contractual conduct. This book offers a legal and economic analysis of contractual escape and punishment in the WTO. It assesses the interrelation between contractual incompleteness, trade policy flexibility mechanisms, contract enforcement, and WTO Members' willingness to co-operate and to commit to trade liberalization. It contributes to the body of WTO scholarship by providing a systematic assessment of the weaknesses of the current regime of escape and punishment in the WTO, and the systemic implications that these weaknesses have for the international trading system, before offering a reform agenda that is concrete, politically realistic, and systemically viable.

The multilateral trading system and the WTO, its principal institution, are currently in crisis. Now more than ever, it is essential to provide a sound understanding of WTO rules and procedures, and their contribution to a secure and predictable framework for trading relations between nations. This book provides a timely and carefully considered overview of the substantive rules and institutional arrangements of the WTO, written in a concise and highly reader-friendly manner. It provides a clear and systematic discussion of key issues of WTO law, and incorporates important case law and current debates. It includes useful pedagogical features such as illustrative examples of the application of the legal framework to practical situations to facilitate understanding, as well as lists of further reading. Co-written by a leading authority in the field, it forms essential reading for anyone who wants to get to grips with this fascinating and challenging field of law.

This book provides the first in-depth empirical study of the European Parliament's powers of scrutiny of the executive in the European Union (EU) political system, focusing on the politically salient field of the Economic and Monetary Union. The expansion of executive decision-making during the euro crisis was accompanied by an empowerment of the European Parliament through legislative oversight. This book examines how the European Parliament exercises that oversight on a day-to-day basis and thus contributes to political accountability at the EU level. Building on an innovative analytical framework for the study of parliamentary questions and answers, Adina Akbik sheds light on the European Parliament's possibilities and limitations to hold EU executive bodies accountable more generally. Case studies cover the period 2012 to 2019 and include the European Central Bank in banking supervision, the European Commission, the Eurogroup, and the Economic and Financial Affairs Council. This title is Open Access.

This open access book considers the potential setup for a future Multilateral Investment Court (MIC). The option of an MIC was first discussed by the EU Commission in 2016 and has since been made an official element of the EU Common Commercial Policy. In 2017, UNCITRAL also decided to discuss the possibility of an MIC, and on 20 March 2018, the Council of the EU gave the EU Commission the mandate to negotiate the creation of an MIC. The "feasibility study" presented here is intended to contribute to a broader discussion on the options for a new international court specialized in investment protection. The cornerstones of such a new permanent court are a strict orientation on the rule of law, reduced costs of investment protection, transparency considerations, aspects of consistency in case law, and the effective enforceability of MIC decisions.