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Substantive Protection under Investment Treaties provides the first systematic analysis of the consequences of the substantive protections that investment treaties provide to foreign investors. It proposes a new framework for identifying and evaluating the costs and benefits of differing levels of investment treaty protection, and uses this framework to evaluate the levels of protection for foreign investors implied by different interpretations of the fair and equitable treatment and indirect expropriation provisions of investment treaties. The author examines the arguments and assumptions of both supporters and critics of investment treaties, seeks to test whether they are coherent and borne out by evidence, and concludes that the 'economic' justifications for investment treaty protections are much weaker than is generally assumed. As such, the 'economic' objectives of investment treaties are not necessarily in tension with other 'non-economic' objectives. These findings have important implications for the drafting and interpretation of investment treaties.
International finance --- Financial law --- International law --- Investments --- Commercial treaties. --- Investments, Foreign --- Law and legislation. --- Investments - Law and legislation. --- Investments, Foreign - Law and legislation. --- Trade agreements (Commerce) --- Competition, International --- Foreign trade regulation --- Treaties --- Reciprocity (Commerce) --- Investment law
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This paper introduces a new data set and establishes a set of basic facts and patterns regarding the trade that countries fight about under World Trade Organization (WTO) dispute settlement. The paper characterizes the scope of products, as well as the levels of and changes to the trade values, market shares, volumes, and prices for those goods that eventually become subject to WTO litigation. The first result is striking heterogeneity in the level of market access at stake across disputes: for example, 14 percent of cases over disputed import products feature bilateral trade that is less than USD 1 million per year and another 15 percent feature bilateral trade that is more than USD 1 billion per year. Nevertheless, some strong patterns emerge from a more detailed examination of the data. Both high- and low-income complainants tend to suffer important losses in foreign market access in the products that ultimately become subject to dispute. Furthermore, although the respondent's imposition of an allegedly WTO-inconsistent policy is associated with reductions, on average, in trade values, volumes, and exporter-received prices, there is some evidence of differences in the size of these changes across the different types of policies under dispute and the potential exporter country litigants. Finally, these different types of policies under dispute can have dissimilar trade effects for the complainant relative to other (non-complainant) exporters of the disputed product and this is likely to affect the litigation allegiance of third countries.
Dispute Settlement --- Economic Theory & Research --- Emerging Markets --- Free Trade --- International Economics & Trade --- Law and Development --- Macroeconomics and Economic Growth --- Markets & Market Access --- Private Sector Development --- Trade Agreements --- Trade Law --- WTO
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This paper surveys political-economic research on the variety of instruments that governments use to conduct international trade policy. It presents key insights on the relationships between instruments such as tariffs, quotas, voluntary export restraints, and other nontariff barriers, as well as the ebb and flow of the national use of temporary trade barriers such as antidumping, countervailing duties, and safeguards. The survey examines trends in use of these trade policy instruments over recent history; and it reviews the major theoretical and empirical explanations behind, and interrelationships between, their uses. Finally, the paper highlights potential institutional impacts of the General Agreement on Tariffs and Trade (GATT) and subsequent World Trade Organization (WTO) on choice of policy instruments, as well as how multilateral, unilateral, and preferential tariff liberalization may introduce political-economic shocks and affect incentives over time for how governments rely on different instruments.
Antidumping --- Economic Theory & Research --- Free Trade --- Gatt --- International Economics & Trade --- International Trade and Trade Rules --- Law and Development --- Macroeconomics and Economic Growth --- Quotas --- Safeguards --- Tariffs --- Temporary Trade Barriers --- Trade Agreements --- Trade Law --- Trade Policy --- Voluntary Export Restraints --- WTO
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This paper introduces a new data set and establishes a set of basic facts and patterns regarding the trade that countries fight about under World Trade Organization (WTO) dispute settlement. The paper characterizes the scope of products, as well as the levels of and changes to the trade values, market shares, volumes, and prices for those goods that eventually become subject to WTO litigation. The first result is striking heterogeneity in the level of market access at stake across disputes: for example, 14 percent of cases over disputed import products feature bilateral trade that is less than USD 1 million per year and another 15 percent feature bilateral trade that is more than USD 1 billion per year. Nevertheless, some strong patterns emerge from a more detailed examination of the data. Both high- and low-income complainants tend to suffer important losses in foreign market access in the products that ultimately become subject to dispute. Furthermore, although the respondent's imposition of an allegedly WTO-inconsistent policy is associated with reductions, on average, in trade values, volumes, and exporter-received prices, there is some evidence of differences in the size of these changes across the different types of policies under dispute and the potential exporter country litigants. Finally, these different types of policies under dispute can have dissimilar trade effects for the complainant relative to other (non-complainant) exporters of the disputed product and this is likely to affect the litigation allegiance of third countries.
Dispute Settlement --- Economic Theory & Research --- Emerging Markets --- Free Trade --- International Economics & Trade --- Law and Development --- Macroeconomics and Economic Growth --- Markets & Market Access --- Private Sector Development --- Trade Agreements --- Trade Law --- WTO
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Two of the most important trade policy developments to take place since the 1980s are the expansion of preferential trade agreements and temporary trade barriers, such as antidumping, safeguards, and countervailing duties. Despite the empirical importance of preferential trade agreements and temporary trade barriers and the common feature that each can independently have quite discriminatory elements, relatively little is known about the nature of any relationships between them. This paper surveys the literature on some of the political-economic issues that can arise at the intersection of preferential trade agreements and temporary trade barriers and uses four case studies to illustrate variation in how countries apply the World Trade Organization's global safeguards policy instrument. The four examples include recent policies applied by a variety of types of countries and under different agreements: large and small countries, high-income and emerging economies, and free trade areas and customs unions. The analysis reveals important measurement and identification challenges for research that seeks to find evidence of systematic relationships between the formation of preferential trade agreements, the political-economic implications of their implementation, and the use of subsequent temporary trade barriers.
Antidumping Measures --- Currencies and Exchange Rates --- Finance and Financial Sector Development --- Free Trade --- International Economics & Trade --- Law and Development --- Preferential Trade Agreements --- Rules of Origin --- Safeguards --- Temporary Trade Barriers (TTBS) --- Trade Law --- Trade Policy --- World Trade Organization (WTO)
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Investment arbitrators rely on sovereignty for their legal status just as investor-state disputes usually stem from disagreements about the role of the state in society. As a result, investment arbitration is a vehicle for the exercise of sovereign authority and a site for contesting sovereign choices. This book investigates and evaluates the decision-making record and policy trajectory of international investment arbitration, from theoretical, doctrinal, and empirical perspectives.It analyses the extent to which the system used to resolve disputes impacts on the role of government, affecting
Investments, Foreign --- International commercial arbitration. --- Commercial treaties. --- Law and legislation. --- Trade agreements (Commerce) --- Competition, International --- Foreign trade regulation --- Treaties --- Reciprocity (Commerce) --- Arbitration and award, International --- Commercial arbitration, International --- International arbitration and award --- International commercial arbitration --- Arbitration and award --- Conflict of laws --- Law and legislation
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Investment treaty arbitration is fast becoming one of the most common methods of dispute settlement in international law. Despite having ancient roots, tensions remain between the private interests in international investment relations and the public international law features of the arbitral procedure. This book, which presents an account of investment treaty arbitration as a part of public international law - as opposed to commercial law - provides an important contribution to the literature on this subject. Eric De Brabandere examines the procedural implications of conceiving of investment treaty arbitration in such a way, with regard to issues such as the principles of confidentiality and privacy, and remedies. The author demonstrates how the public international law character of investment treaty arbitration derives from, and has impacted upon, the dispute settlement procedure.
Arbitration and award, International --- Investments, Foreign (International law) --- Investments, Foreign --- Commercial treaties --- Law and legislation --- International commercial arbitration --- Commercial treaties. --- LAW / International. --- Law and legislation. --- International commercial arbitration. --- Investments, Foreign (International law). --- Investments, foreign (international law). --- Investments, foreign --- Law / international. --- Law --- Acts, Legislative --- Enactments, Legislative --- Laws (Statutes) --- Legislative acts --- Legislative enactments --- Trade agreements (Commerce) --- Commercial arbitration, International --- International arbitration and award --- International --- Jurisprudence --- Legislation --- Competition, International --- Foreign trade regulation --- Treaties --- Reciprocity (Commerce) --- International law --- Arbitration and award --- Conflict of laws --- International investment law --- Investment law, International --- Investments, Foreign - Law and legislation
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