Differing from a selective adaptation approach towards external norms in its accession to the World Trade Organization, China plays an increasingly proactive role on the international stage, with the Belt and Road Initiative at the center of these activities. How can we understand this new approach by China towards international economic governance? What is responsible for China’s shifting approach, and what are the implications of this shift? The paper presents selective reshaping as a new theoretical framework, and argues first that China is shifting towards the selective reshaping of institutions and rules within the global economic order. Second, perception and conception, complementarity and legitimacy are influencing components that affect selective reshaping, and which manifest substantially differently in this context, when compared with selective adaptation. Third, selective reshaping is likely to transform the institutions and rules within the international economic order, which has profound implications.
{"title":"Selective Reshaping: China’s Paradigm Shift in International Economic Governance","authors":"Heng Wang","doi":"10.1093/JIEL/JGAA021","DOIUrl":"https://doi.org/10.1093/JIEL/JGAA021","url":null,"abstract":"Differing from a selective adaptation approach towards external norms in its accession to the World Trade Organization, China plays an increasingly proactive role on the international stage, with the Belt and Road Initiative at the center of these activities. How can we understand this new approach by China towards international economic governance? What is responsible for China’s shifting approach, and what are the implications of this shift? The paper presents selective reshaping as a new theoretical framework, and argues first that China is shifting towards the selective reshaping of institutions and rules within the global economic order. Second, perception and conception, complementarity and legitimacy are influencing components that affect selective reshaping, and which manifest substantially differently in this context, when compared with selective adaptation. Third, selective reshaping is likely to transform the institutions and rules within the international economic order, which has profound implications.","PeriodicalId":103245,"journal":{"name":"LSN: Trade Law (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121559570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The purpose of this paper is to illustrate in a few words how the national treatment principle has been interpreted and applied by the Appellate Body in certain landmark cases. This paper is divided in two chapters. The first chapter aims to delineate the significance of the non – discrimination principle. The second chapter is focused entirely on Article III of the GATT, the national treatment provision. Particularly, this chapter aims to familiarize the reader with the context of Article III: 1, 2, 4 through the interpretation these provisions have received from certain landmark reports of the Appellate Body (hereinafter: ‘AB’) of the WTO.
{"title":"Why Is Non-Discrimination So Important and How Are the Policy and Normative Objectives That It Serves Reflected in the Application and Interpretation of Article III Gatt (National Treatment Provision)?","authors":"Ligeia Zachariadi Mylopoulou","doi":"10.2139/ssrn.3722937","DOIUrl":"https://doi.org/10.2139/ssrn.3722937","url":null,"abstract":"The purpose of this paper is to illustrate in a few words how the national treatment principle has been interpreted and applied by the Appellate Body in certain landmark cases. This paper is divided in two chapters. The first chapter aims to delineate the significance of the non – discrimination principle. The second chapter is focused entirely on Article III of the GATT, the national treatment provision. Particularly, this chapter aims to familiarize the reader with the context of Article III: 1, 2, 4 through the interpretation these provisions have received from certain landmark reports of the Appellate Body (hereinafter: ‘AB’) of the WTO.","PeriodicalId":103245,"journal":{"name":"LSN: Trade Law (Topic)","volume":"123 3 Suppl 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128493951","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The world has embraced the need to use technology that would lead to sustainable development and the maritime sector is not left out of this. This article points out the efforts of companies, governments and stakeholders in creating innovative technology, policies and tools to ensure sustainability in the maritime sector. Also, it points out the need for industrial activities at sea as there is a need for diversified activities such as aquaculture and renewable energies to fulfil humanity’s ever-growing need for resources; in terms of food, energy and water. This article finally recommends the need for partnerships amongst key stakeholders in the maritime sector to ensure continuous support in enhancing "green" technologies which will lead to the rapid adaptation of these innovations globally.
{"title":"Innovative Use of Technology in the Maritime Sector for Sustainable Environment","authors":"A. Talabi","doi":"10.2139/ssrn.3648332","DOIUrl":"https://doi.org/10.2139/ssrn.3648332","url":null,"abstract":"The world has embraced the need to use technology that would lead to sustainable development and the maritime sector is not left out of this. This article points out the efforts of companies, governments and stakeholders in creating innovative technology, policies and tools to ensure sustainability in the maritime sector. Also, it points out the need for industrial activities at sea as there is a need for diversified activities such as aquaculture and renewable energies to fulfil humanity’s ever-growing need for resources; in terms of food, energy and water. This article finally recommends the need for partnerships amongst key stakeholders in the maritime sector to ensure continuous support in enhancing \"green\" technologies which will lead to the rapid adaptation of these innovations globally.","PeriodicalId":103245,"journal":{"name":"LSN: Trade Law (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130401899","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Free trade law can be approached in its contemporary form through the multilateral scene provided by the WTO or bilateral agreements, such as the recent CETA. These different conventional and institutional frameworks are intended to promote and secure international trade. Their purpose is therefore no stranger to the exercise of economic freedom of movement, even if these structures remain strongly contrasted in their substance and the ways of exercising them differ on a global scale. What exactly these freedoms mean is potentially a concern for everyone. The ordinary citizen, the political or economic leader, the investor, the intellectual, the state, the intergovernmental organization, regional integration, the non-governmental organization, may all wonder about the direction and objectives set out in these free trade mechanisms. The question I would like to address here is how the legal expert is able (or not) to grasp this search for meaning. What options are open to lawyers in an attempt to make their way through this eminently philosophical questioning? This paper proposes a progressive answer in “four acts": Neoliberal unconsciousness (I), Fundamental and hypothetical standard (II), The space of flows (III), Ecological Conscience (IV).
{"title":"The Meaning of Free Trade Law in Four Acts","authors":"Jean-Sylvestre Bergé","doi":"10.2139/ssrn.3459927","DOIUrl":"https://doi.org/10.2139/ssrn.3459927","url":null,"abstract":"Free trade law can be approached in its contemporary form through the multilateral scene provided by the WTO or bilateral agreements, such as the recent CETA. These different conventional and institutional frameworks are intended to promote and secure international trade. Their purpose is therefore no stranger to the exercise of economic freedom of movement, even if these structures remain strongly contrasted in their substance and the ways of exercising them differ on a global scale. \u0000 \u0000What exactly these freedoms mean is potentially a concern for everyone. The ordinary citizen, the political or economic leader, the investor, the intellectual, the state, the intergovernmental organization, regional integration, the non-governmental organization, may all wonder about the direction and objectives set out in these free trade mechanisms. \u0000 \u0000The question I would like to address here is how the legal expert is able (or not) to grasp this search for meaning. What options are open to lawyers in an attempt to make their way through this eminently philosophical questioning? \u0000 \u0000This paper proposes a progressive answer in “four acts\": Neoliberal unconsciousness (I), Fundamental and hypothetical standard (II), The space of flows (III), Ecological Conscience (IV).","PeriodicalId":103245,"journal":{"name":"LSN: Trade Law (Topic)","volume":"53 7","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133076649","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In 2016, both the election of President Trump and the UK’s vote to leave the European Union represented important shifts in the approach of both countries to their international trading relationships. In the case of the US, the Trump administration has sought to target tariffs against countries such as China, while the UK is seeking to exit a highly integrated market and assert its sovereignty. In this article, it is shown that both events were a response to the China import shock, which in turn led to a dramatic rise in populism resulting in a substantive shift in each country’s trade policy, each generating substantive actual and expected economic costs. However, the policy responses to populism are quite different: the US has chosen to be explicitly protectionist, a feature of economic nationalism, while the UK is not seeking to raise trade barriers as it adjusts its trading arrangements. Nonetheless, both countries are following a path of economic “dis-integration”, the US undermining its multilateral obligations under the WTO, the UK seeking to leave the European Union of which it has been a member since 1973.
{"title":"Economic Nationalism: US Trade Policy VS. BREXIT","authors":"S. Mccorriston, I. Sheldon","doi":"10.2139/ssrn.3450670","DOIUrl":"https://doi.org/10.2139/ssrn.3450670","url":null,"abstract":"In 2016, both the election of President Trump and the UK’s vote to leave the European Union represented important shifts in the approach of both countries to their international trading relationships. In the case of the US, the Trump administration has sought to target tariffs against countries such as China, while the UK is seeking to exit a highly integrated market and assert its sovereignty. In this article, it is shown that both events were a response to the China import shock, which in turn led to a dramatic rise in populism resulting in a substantive shift in each country’s trade policy, each generating substantive actual and expected economic costs. However, the policy responses to populism are quite different: the US has chosen to be explicitly protectionist, a feature of economic nationalism, while the UK is not seeking to raise trade barriers as it adjusts its trading arrangements. Nonetheless, both countries are following a path of economic “dis-integration”, the US undermining its multilateral obligations under the WTO, the UK seeking to leave the European Union of which it has been a member since 1973.","PeriodicalId":103245,"journal":{"name":"LSN: Trade Law (Topic)","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134426900","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This Roosevelt Institute working paper argues that the Green New Deal is more internationalist than is commonly thought. Surveying its five goals, 14 projects, and 15 requirements, the author argues that the majority of them are explicitly international in scope or can be extended so that they have an international component. It then proposes a ten-year suspension of trading rules and conversion of the trading system to enable a global Green New Deal to take root.
{"title":"The Green New Deal: A Ten-Year Window to Reshape International Economic Law?","authors":"Todd N. Tucker","doi":"10.2139/SSRN.3411142","DOIUrl":"https://doi.org/10.2139/SSRN.3411142","url":null,"abstract":"This Roosevelt Institute working paper argues that the Green New Deal is more internationalist than is commonly thought. Surveying its five goals, 14 projects, and 15 requirements, the author argues that the majority of them are explicitly international in scope or can be extended so that they have an international component. \u0000 \u0000It then proposes a ten-year suspension of trading rules and conversion of the trading system to enable a global Green New Deal to take root.","PeriodicalId":103245,"journal":{"name":"LSN: Trade Law (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123010094","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
With the likely demise of the WTO dispute settlement mechanism as of December 11, 2019, the question arises as to whether regional trade agreement (RTA) dispute settlement mechanisms such as those in the recent US-Mexico-Canada Agreement can provide an acceptable alternative. The paper concludes that the answer is "no," largely because most such mechanisms can be blocked by respondents simply by their refusal to appoint panelists.
{"title":"The Demise of WTO Dispute Settlement: Are Dispute Settlement Mechanisms Under Free Trade Agreements a Viable Substitute?","authors":"D. Gantz","doi":"10.2139/ssrn.3418621","DOIUrl":"https://doi.org/10.2139/ssrn.3418621","url":null,"abstract":"With the likely demise of the WTO dispute settlement mechanism as of December 11, 2019, the question arises as to whether regional trade agreement (RTA) dispute settlement mechanisms such as those in the recent US-Mexico-Canada Agreement can provide an acceptable alternative. The paper concludes that the answer is \"no,\" largely because most such mechanisms can be blocked by respondents simply by their refusal to appoint panelists.","PeriodicalId":103245,"journal":{"name":"LSN: Trade Law (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124924509","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The dispute settlement mechanism in FTAs is necessary as they provide means to settle disagreements on interpretation or compliance with treaty obligations. The dispute settlement mechanism help ease tensions among FTA parties and maintain healthy relationships among trading partners.
The dispute settlement process in the EU association agreements with Tunisia, Israel, Morocco, Jordan, and Egypt is short and similar in drafting. Only one article in each of these association agreements address dispute settlement.
{"title":"Dispute Settlement in EU Free Trade Agreements with Arab Countries","authors":"B. Malkawi","doi":"10.2139/ssrn.3396256","DOIUrl":"https://doi.org/10.2139/ssrn.3396256","url":null,"abstract":"The dispute settlement mechanism in FTAs is necessary as they provide means to settle disagreements on interpretation or compliance with treaty obligations. The dispute settlement mechanism help ease tensions among FTA parties and maintain healthy relationships among trading partners.<br><br>The dispute settlement process in the EU association agreements with Tunisia, Israel, Morocco, Jordan, and Egypt is short and similar in drafting. Only one article in each of these association agreements address dispute settlement. <br>","PeriodicalId":103245,"journal":{"name":"LSN: Trade Law (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123559530","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the effect of trade secrets protection on stock price crash risk. Using an experimental setting with the Uniform Trade Secrets Act (UTSA), we find that firms headquartered in states with the UTSA tend to have higher stock price crash risk. The results are robust to controlling for other trade secrets laws and the choice of crash risk measures, and they are more pronounced in small firms and firms with high market-to-book and low leverage ratios. A detailed analysis of economic mechanisms reveals that increased crash risk for firms under the UTSA could be primarily associated with higher information asymmetry, low reporting quality, and more negative news withheld following the UTSA. Overall, our results highlight that trade secrets protection leads to the unexpected, negative consequence of elevated stock price crash risk.
{"title":"Trade Secrets Protection and Stock Price Crash Risk","authors":"Dan Hu, Eunju Lee, Bingxin Li","doi":"10.2139/ssrn.3600610","DOIUrl":"https://doi.org/10.2139/ssrn.3600610","url":null,"abstract":"This paper examines the effect of trade secrets protection on stock price crash risk. Using an experimental setting with the Uniform Trade Secrets Act (UTSA), we find that firms headquartered in states with the UTSA tend to have higher stock price crash risk. The results are robust to controlling for other trade secrets laws and the choice of crash risk measures, and they are more pronounced in small firms and firms with high market-to-book and low leverage ratios. A detailed analysis of economic mechanisms reveals that increased crash risk for firms under the UTSA could be primarily associated with higher information asymmetry, low reporting quality, and more negative news withheld following the UTSA. Overall, our results highlight that trade secrets protection leads to the unexpected, negative consequence of elevated stock price crash risk.","PeriodicalId":103245,"journal":{"name":"LSN: Trade Law (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121176803","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
While China was reducing tariffs as part of the WTO accession process, it was also effectively restricting exports in some sectors by reducing the rebates of the value added tax (VAT) for exporters. We use a multi-sector multi-country Ricardian model to examine the extent to which these de facto export tax changes benefited China and nullified the benefits to the rest of the world of China’s trade liberalization. We show that trade liberalization benefited China’s trade partners both through an improvement in their terms of trade and through a reallocation of resources from protected imported sectors to exportable sectors. We find that the partial rebate policy on VAT exports provided a small effect overall on the welfare of China and trading partners, although some countries lost as much as 2/3 of their gain from China’s liberalization based on tariffs alone. We also use our model to solve for China’s optimal export taxes and calculate the impact of optimal export taxes on China and the rest of the world.
{"title":"Trade and Welfare Effects of Export Tax: Theory and Evidence from China's Incomplete Export VAT Rebate","authors":"Eric W. Bond, Yuwan Duan, Ting Ji, Yi Lu","doi":"10.2139/ssrn.3881450","DOIUrl":"https://doi.org/10.2139/ssrn.3881450","url":null,"abstract":"While China was reducing tariffs as part of the WTO accession process, it was also effectively restricting exports in some sectors by reducing the rebates of the value added tax (VAT) for exporters. We use a multi-sector multi-country Ricardian model to examine the extent to which these de facto export tax changes benefited China and nullified the benefits to the rest of the world of China’s trade liberalization. We show that trade liberalization benefited China’s trade partners both through an improvement in their terms of trade and through a reallocation of resources from protected imported sectors to exportable sectors. We find that the partial rebate policy on VAT exports provided a small effect overall on the welfare of China and trading partners, although some countries lost as much as 2/3 of their gain from China’s liberalization based on tariffs alone. We also use our model to solve for China’s optimal export taxes and calculate the impact of optimal export taxes on China and the rest of the world.","PeriodicalId":103245,"journal":{"name":"LSN: Trade Law (Topic)","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126298231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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