International economic law (trade)

Question 1

Origins of international economic law

Answer 1

• Always present (ancient greeks, persians)
• 18th century: no protectionism -> open market ideas from Ricardo and Smith
• 1950s: Europen Community for Coal and Steal -> now Europen Economic Community
• 1990s: NAFTA -> now USMCA

Question 2

Main actors (I Trade L)

Answer 2

• International monetary fund
• World Bank (International Bank for Reconstruction and Development)
• World Trade Organization

Question 3

International Monetary Fund

Answer 3

For international Monetary law
Purposes
- international monetary cooperation
- Exchange rate stability
- Give resources to States with baòance of payment difficulties
Quotas: each memeber gives to the IMF depending on its relative shares of world economy
Contingent Reserve Arrangement: Funds for loans
Organs
- Executive board
- Board of directors

Question 4

Principle of conditionality

Answer 4

Member state has to use the loan accoridng to IMF agreement and policies

Question 5

International Bank for Reconstruction and Development

Answer 5

Help developing countries
- Belongs to World Bank Group
- Funds specific projects
- Funds arrive from private capital market

Question 6

World Trade Organization

Answer 6

• Successor of GATT
• Subagreements important
• • GATT
• • GATS
• • TRIPS

Question 7

Alternative actors

Answer 7

Because Bretton Woods institutions born in colonial perpsective
- Asian Development Bank
- Asian Infrastructure Investment Bank
- Contingent Reserve Arrangement
- New Development Bank from BRICS countries

Question 8

BRICS countries

Answer 8

Brazil, Russia, India, China, South Africa. Egypt, Saudi Arabia, Ethiopia, Iran

Question 9

WTO: main achievements

Answer 9

• WTO Agreement
• GATT
• GATS
• TRIPS and WIPO
• sanitary and phytosanitary standards
• Technical barriers to trade
• Anti dumping code
• Anti subsidy agreement
• trade related investment measures

Question 10

WTO: main principles

Answer 10

• Most Favoured Nation = to all States same conditions as the most favourable that the country has for another state. But does not apply to regional integration organizations (art XXIV GATT)
• National Treatment = imported goods should be treated by like product on national market
• Prohibition of quantitative restrictions
• Prohibition of dumping = no selling goods below market price

Question 11

Exceptions to WTO main principles

Answer 11

In GATT art XX and XI
General exceptions and secirity exceptions

Question 12

Challegned in regulating global trade with environmental turn

Answer 12

• 2015 Paris Agreement towards sustainable development
• cases (shell case and kilmaseniorinnen)
• Regional initiatives
• • ETS (Emissions Trading System)
• • Green Deal
• • Trade and Sustainable Develolpment chapters in EU treaties

Question 13

Bretton Woods system

Answer 13

• From 1944 Bretton Woods Conference
• created
• • International Monetary Fund
• • International Banck for Reconstruction and development
• • GATT -> now WTO
• Capitalist basis
• Criticisms
• • from communist/develping states: these institutions were created in colonial/capitalistic mindset and as such enhance structural injusteces and explitaion of poorer states
• • Capitalism comes at the expenses of non eocnmic considerations (environment)

Question 14

UN level steps in International Econ Law

Answer 14

1946: Conference on trade and development
1966: UN Commission on international trade law
Specialized agencies
informal network (es G20)

Question 15

WTO and developing states

Answer 15

between the main principles of WTO there is the consideration of special need of developing states, meaning
- Preferential tariffs
- Exceptions from general obligations
- Transfer or technical know-how

Question 16

TRIPs stands for

Answer 16

Agreement on Trade Related aspects of Intellectual Property right

Question 17

TRIPs are supllemented by

Answer 17

• Paris convention for the protection of industrial property
• Berne convention dor the protection of liteary and artistic work
• Universal Copyright convention
• WIPO: World Intellectual Property Organization

Question 18

Areas of economic international law

Answer 18

• International monetary law
• International trade law
• International investment law

Question 19

WTO: dispute resolution

Answer 19

• The dispute settlmente body has compulsory jurisdiction over trade disputes that arise from WTO agreements
• Steps
• • Consultation + Negotiation between parties
• • Complain to WTO -> DSB refers dispute to Panel
• • Binding Report from Panel adopted/rejected by DSB
• • Supervisnig from Panel
• • Appeal to Appellate body that reviews panel reports(now not working so Multi Party interim arbitration Arrangement)
• Panel by qualified individuals, aim
• • independent
• • diverse background
• • wide spectrum of expertise

Question 20

WTO organs

Answer 20

Ministerial conference
3 special councils
Secretariat

Question 21

WTO rounds of multilateral trade negotiations

Answer 21

1. Reducing tariffs on goods
2. Uruguay
   - Trade in services
   - Dispute Settlement body
   - GATT replaced by WTO
   - Intellectual property

Question 22

Substantive regulations of WTO

Answer 22

16 article + annexes to add agreemnts reached during negotiations rounds

Question 23

Regional economic cooperations

Answer 23

• European Union -> Single European Act: from 1992 market with free movement of goods, persons, services and capitals
• North American Free Trade Agreement (NAFTA) -> now USMCA
• Economic Community of West African States
• Union of South American Nations (Mercado Comun del sur - Andean Community of Nations)

Question 24

Monetary system in the EU: History

Answer 24

• ‘79 - ‘92: European monetary system
• ‘92 - today: European monetary union + European Central Bank and common currency

Question 25

European Monetary Union principle

Answer 25

No bail out principle = Member states are not responsible for financially rescuing other Member States

Question 26

Monetary system in the EU: Stability and Growth pact

Answer 26

sanctions for countries with too high public deficit and debt

Question 27

Monetary system in the EU: with common currency states cannot

Answer 27

- Change interest sìrates - Control supply of money - Devalue currency These things are done by the European Central Bank

Question 28

The world bank: organs

Answer 28

- Board of executive directors - Independent staff with president

Question 29

World Bank: name + aim

Answer 29

International Bank for Reconstruction and Development reduce poverty by providing loans to developing countries

Question 30

GATS: modes of supply

Answer 30

Art 1: Cross-border supply - > Netflix Consumption abroad -> andare all'estero per chirurgia plastica Commercial presence -> no natural persons Presence of natural persons

Question 31

GATS: Schedule of commitments

Answer 31

= document in which states say in which sectors they remove barriers - 2 types of commitment - - vertical -> in 1 sector - - Horizontal -> in all sectors - Values to each mode in SoC - - None = no restrictions - - Unbound = not regulated by GATS, domestic rules - - ..., Except -> room for exceptions

Question 32

GATS principles

Answer 32

- Most Favoured Nation treatment: always, not in SoC - National Treatment: in SoC, once service is in the market should be treated as national like services - Market Access: in SoC

Question 33

How to Apply GATS

Answer 33

- Check if situation is in the scope (Art I) - Check if, according to SoC, breach of Market Access (Art XVI) - Check if, according to SoC, breach of National Treatment (Art XVII) - If breach, check if grounds for valid exceptions (Art XIV) - - measure must be Proportionate and Effective - - measure cannot favour Protectionism or Discrimination