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Book part
Publication date: 1 February 2009

James H. Cassing

A somewhat underappreciated aspect of the burgeoning rush to regional trade agreements (RTAs) is a discrepancy between the dispute settlement procedure (DSP) embodied in…

Abstract

A somewhat underappreciated aspect of the burgeoning rush to regional trade agreements (RTAs) is a discrepancy between the dispute settlement procedure (DSP) embodied in the original World Trade Organization (WTO) Dispute Settlement Understanding (DSU) and that found in the language of many RTAs. This chapter explores the issue in the context of a dynamic repeated game of trade agreements. As is well known, the institutional alternatives available in negotiating multilateral freer trade agreements – regional agreements, side agreements, trade dispute settlement punishments, and so on – can proscribe the limits and shape the nature of self-enforcing trade agreements. Here, we suggest the extent to which deviations from the WTO DSP embodied in RTAs – for example, “private interest access,” “third party procedures,” and “choice of forum” – can not only work against the interests of “weaker parties” but furthermore undermine multilateral agreements closer to free trade.

Details

Trade Disputes and the Dispute Settlement Understanding of the WTO: An Interdisciplinary Assessment
Type: Book
ISBN: 978-1-84855-206-7

Keywords

Book part
Publication date: 1 October 2007

Mostafa Beshkar and Eric W. Bond

We survey several of the theoretical models that have been applied to the analysis of the GATT/WTO dispute settlement process. These include repeated game models, which…

Abstract

We survey several of the theoretical models that have been applied to the analysis of the GATT/WTO dispute settlement process. These include repeated game models, which emphasize the punishment aspect of dispute settlement, and incomplete contracting models, which emphasize the “gap-filling” aspect. Our analysis emphasizes the implications of these models for the strengthening of the dispute settlement process under the WTO and for its application to the TRIPS agreement. We also discuss how models of settlement bargaining can be applied to obtain empirical predictions about which cases will actually proceed to an actual finding by the dispute panel.

Details

Intellectual Property, Growth and Trade
Type: Book
ISBN: 978-1-84950-539-0

Article
Publication date: 15 December 2020

Alexis Habiyaremye and Veysel Avsar

This study investigates the impact of trade integration on payment choice in international transactions using data from Turkey, an emerging economy that signed many trade

Abstract

Purpose

This study investigates the impact of trade integration on payment choice in international transactions using data from Turkey, an emerging economy that signed many trade agreements in the last two decades.

Design/methodology/approach

The authors use industry-level trade finance data from Turkey, which reports payment methods in exports at two-digit ISIC level for 180 export destinations. The authors performed linear as well as maximum likelihood techniques to test our hypothesis.

Findings

The authors show that the removal of trade barriers by bilateral free trade agreements leads to more exporter-financed transactions. This implies that lowering trade barriers contributes to reducing risk, which leads to more trade finance by exporters.

Originality/value

Trade finance is the lifeblood of global trade. Although the previous literature have analyzed the institutional and financial factors affecting exporters' decision to extend trade credit, the effect of economic integration has been overlooked. In this regard, this study represents the first attempt to analyze the impact of trade integration on trade finance.

Details

International Journal of Emerging Markets, vol. 17 no. 5
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 22 October 2018

Lubna Uzair and Ahmad Nawaz

This paper aims to empirically examine the trade creation and diversion impacts on merchandise imports of Pakistan under the Pakistan–China Free Trade Agreement (FTA). The…

Abstract

Purpose

This paper aims to empirically examine the trade creation and diversion impacts on merchandise imports of Pakistan under the Pakistan–China Free Trade Agreement (FTA). The analysis of Pakistan’s preferential treatment with its largest trade partner as well as the most substantial exporter of the world will help to shape trade policy, open windows for academic research and also gives an immense contribution in literature.

Design/methodology/approach

A disaggregated panel data on the imports of Pakistan from China and other WTO member countries and tariff concessions at Harmonized System (HS) two-digit level used for the agreement period of 2006-2012. The empirical analysis takes care of bias through robust and panel-corrected standard errors with time, industry-specific effects and controlling for multilateral trade resistance.

Findings

Evidence found in support of trade creation under the Pakistan–China FTA. It means overall this agreement increased the welfare of Pakistani consumers.

Practical implications

Findings are in favour of negotiations and signing for the next round of this agreement and with other major trade partners like the US and Saudi Arabia.

Originality/value

It is worth investigating empirically the impact of preferential trade liberalization between Pakistan – a developing country – and China – the largest importer of the world – explicitly, in the form of trade creation or diversion. The empirical assessment of this FTA signed with the world’s largest exporter will not only contribute immensely to the literature but also help in trade policy formulation and open windows for academic research. Another unique aspect of this study is the use of disaggregated data consisting of all goods imports along with tariff concessions at two-digit Harmonized System (HS) code.

Details

Journal of Chinese Economic and Foreign Trade Studies, vol. 11 no. 3
Type: Research Article
ISSN: 1754-4408

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Article
Publication date: 31 December 2004

Jung Taik Hyun and Jin Young Hong

The economic success of East Asia was due to an export-led growth strategy, which was heavily dependent on the global trading system underpinned by the General Agreement

Abstract

The economic success of East Asia was due to an export-led growth strategy, which was heavily dependent on the global trading system underpinned by the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO). In recent years, however; East Asian countries have shifted their trade policy focus to regional agreements and made Free Trade Agreements (FTAs) among themselves arid with other regions. Government organization has been restructured to increase FTA activities. Generally, the current literature predicts that FTA activities of East Asia would help to increase the welfare of the region. In this paper; we offer a critical assessment of East Asia FTAs. We note that East Asia FTAs provide incomplete coverage of sectors and are likely to lead to an inefficient resource allocation. FTA movements are not matched with actual trade flows. The benefits of East Asia FTAs are fairly limited and potential benefits, if any, would not likely be materialized in the near future. Our overall assessment is that the recent policy shift in East Asian countries from multilateral trade orientation or unilateral action to regionalism or a parallel multilateral and regional trade approach will not produce much gain. The governments should increase their efforts at economic reform and reduce barriers to trade and investment, rather than to allocate more resource and manpower to FTA activities.

Details

Journal of International Logistics and Trade, vol. 2 no. 2
Type: Research Article
ISSN: 1738-2122

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Book part
Publication date: 9 November 2009

Alexander Agronovsky and Christoph Trebesch

This paper analyzes the role of trade credit in financial crises. Using newly collected data, we investigate the impact of negotiated agreements between debtor and…

Abstract

This paper analyzes the role of trade credit in financial crises. Using newly collected data, we investigate the impact of negotiated agreements between debtor and creditor countries on bilateral trade. Our results indicate that exports to creditor countries rise considerably after debt restructuring agreements in the period 1980–1997, while we find no effect for imports and for the more recent period. We identify trade credit as one key channel behind this positive effect. Apparently, crisis resolution efforts, in particular agreements to extend and roll over trade credits, play a crucial role for export recoveries. This gives some support to current worldwide efforts to sustain trade financing via coordinated policy interventions.

Details

Credit, Currency, or Derivatives: Instruments of Global Financial Stability Or crisis?
Type: Book
ISBN: 978-1-84950-601-4

Book part
Publication date: 24 November 2016

Bipin Kumar

The main purpose of this chapter is to explore the role BRICS countries have played in the formation of regional (free) trade agreements. The present chapter tries to…

Abstract

Purpose

The main purpose of this chapter is to explore the role BRICS countries have played in the formation of regional (free) trade agreements. The present chapter tries to understand and document recent developments and directions taken by the BRICS countries either individually or in aligning with each other at the regional and mega-regional levels.

Methodology/approach

The chapter is largely empirical and descriptive to analyse the recent RTAs policies of the BRICS countries.

Findings

This chapter provides in particular as assessment of the impact on BRICS countries of the three recent Mega-RTAs; that is TPP, TPIP and RCEP. For this purpose, an attempt had been made to find out the commonalties and divergences in the RTAs policies of the BRICS countries.

Design

The chapter is divided into six sections. After a brief introduction, the second section deals with the reasons for countries entering into RTAs. The third section documents the directions of the current negotiations on Mega-RTAs and its (potential) geographical implications for the BRICS countries. The fourth and the fifth sections deal with the current status of these RTAs and their noticeable impact on the response of the BRICS countries. The final section concludes the research with suggestions and recommendations.

Originality/value

RTAs and Mega-RTAs frameworks have been useful for BRICS countries. This recent development in trade negotiations can be regarded as promising for them.

Details

The Challenge of Bric Multinationals
Type: Book
ISBN: 978-1-78635-350-4

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Article
Publication date: 7 May 2021

Hanna Williams and Meredith B. Lilly

Lack of progress advancing labour provisions in multilateral trade instruments has led some countries to develop their own labour chapters in bilateral and plurilateral…

Abstract

Purpose

Lack of progress advancing labour provisions in multilateral trade instruments has led some countries to develop their own labour chapters in bilateral and plurilateral trade agreements. This study aims to track the evolution of 25 years of labour chapters in Canadian trade agreements.

Design/methodology/approach

Modelled on Hoekman (1995), the authors present a novel index using the International Labour Organization’s (ILO) core labour standards to compare and evaluate ambition and enforcement in Canada’s labour chapters.

Findings

The quality of Canada’s labour chapters has steadily improved from 1994 to 2020, with scores rising from 46 to 91 out of 100. In addition, Canada has used its negotiating leverage to encourage partners with weak labour regimes to make improvements. Yet, the highest quality chapters were achieved with trade partners similar to Canada, and those chapters have not pushed either party to improve their own domestic labour regimes. The authors discuss the limits of the ILO standards for addressing contemporary debates about labour and trade.

Originality/value

The authors’ assessment provides the first empirical evidence to demonstrate that Canada’s labour chapters have evolved over time, and that the origins of this evolution predate the Liberal government’s progressive trade agenda by several decades. The authors also suggest that Canada’s “middle road” compromise on ambition versus enforceability may increase the relevance of the index for research on other middle powers and potentially countries in the global south.

Details

Journal of International Trade Law and Policy, vol. 20 no. 2
Type: Research Article
ISSN: 1477-0024

Keywords

Article
Publication date: 10 June 2014

Elijah Jacob Kosse, Stephen Devadoss and Jeff Luckstead

The purpose of this paper is to provide a historical background of the tomato dispute, review the USA trade law and its effect on the tomato trade, discuss the role of the…

Abstract

Purpose

The purpose of this paper is to provide a historical background of the tomato dispute, review the USA trade law and its effect on the tomato trade, discuss the role of the North American Free Trade Agreement and other supply and demand factors on increased tomato imports from Mexico and present a conceptual analysis of the effects of a Suspension Agreement (a form of Voluntary Export Restraint) on the USA and Mexico. In 1996, the USA and Mexico signed the Suspension Agreement which sets a guaranteed minimum price for Mexican tomato imports.

Design/methodology/approach

Conceptual analysis graphically illustrates how the Suspension Agreement affects the tomato trade for the USA and Mexico and shows the benefits and losses of consumers and producers in these two countries.

Findings

There is no consensus regarding whether Mexico dumps tomatoes onto the US market. However, US trade law favors domestic producers, leading to the signing of the Suspension Agreement. It is shown here that this agreement has substantial welfare effects in both Mexico and the USA. While it was designed to protect US producers, it also aids Mexican consumers and may potentially improve Mexican producer surplus as well. Only US consumers unambiguously suffer a loss.

Research limitations/implications

As the theoretical model indicates, the Suspension Agreement’s minimum price does help Floridian farmers but, if the rents are large enough, may also aid Mexican producers. If Mexican producers do gain, then quota rent is shifted from tomato consumers to Mexican producers. On the other hand, US consumers are hurt as well as tomato processing plants because they purchase fresh tomatoes for use as inputs. The higher price minimum after the 2013 agreement will likely intensify the welfare effects, and the addition of different categories with distinct prices is likely to have additional consequences for both welfare and trade distortions.

Originality/value

As the USA and Mexico recently signed a new Suspension Agreement, this paper deals with a very timely and contentious trade dispute and contributes to the area of research international trade war. The literature on Suspension Agreements is also expanded by providing welfare analysis of both producers and consumers.

Details

Journal of International Trade Law and Policy, vol. 13 no. 2
Type: Research Article
ISSN: 1477-0024

Keywords

Article
Publication date: 1 January 1976

The Howard Shuttering Contractors case throws considerable light on the importance which the tribunals attach to warnings before dismissing an employee. In this case the…

Abstract

The Howard Shuttering Contractors case throws considerable light on the importance which the tribunals attach to warnings before dismissing an employee. In this case the tribunal took great pains to interpret the intention of the parties to the different site agreements, and it came to the conclusion that the agreed procedure was not followed. One other matter, which must be particularly noted by employers, is that where a final warning is required, this final warning must be “a warning”, and not the actual dismissal. So that where, for example, three warnings are to be given, the third must be a “warning”. It is after the employee has misconducted himself thereafter that the employer may dismiss.

Details

Managerial Law, vol. 19 no. 1
Type: Research Article
ISSN: 0309-0558

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