MERCOSUR

This book, relying substantially on primary MERCOSUR materials in Spanish and Portuguese, is the first comprehensive description of MERCOSUR-its history, institutions, and legal system-in the English language. Seeking to provide its readers with information essential to the understanding of MERCOSUR and its legal system, the book covers a variety of topics. Several appendices will include MERCOSUR's basic treaty documents. This book is part of the Globalization and Society Series.

Acknowledgments

xi

Introduction

3

(4)

Chapter 1 Prolegomenon: The Road to MERCOSUR

7

(16)

A. ECLA and Import Substitution

7

(3)

B. LAFTA: The Great Leap Forward

10

(4)

C. Let a Hundred Flowers Bloom: ALADI

14

(3)

D. The MERCOSUR Four: An Inevitable Marriage?

17

(6)

Chapter 2 MERCOSUR and Its Institutions

23

(12)

A. Formalizing the Relationship

23

(2)

B. Creating a Common Market: Partial Scope Agreement 14

25

(1)

C. The Treaty of Asuncion and Its Protocols

26

(1)

1. The Common Market

26

(1)

D. The MERCOSUR Institutions

27

(8)

1. The Council

27

(1)

2. The Group

28

(1)

3. The MCC

29

(1)

4. The Joint Parliamentary Commission

30

(1)

5. The Forum

31

(1)

6. The Secretariat

31

(2)

7. The CPR

33

(2)

Chapter 3 Dispute Resolution Procedures and Institutions

35

(8)

A. Introduction

35

(1)

B. Member State Disputes

35

(2)

C. Appealing the Award

37

(1)

D. Advisory Opinions

38

(1)

E. Claims by Individuals

39

(1)

F. An Evaluation

39

(4)

Chapter 4 The MERCOSUR Trade Regulation System

43

(34)

A. Introduction

43

(1)

B. The MERCOSUR Trade Liberation Program

43

(10)

1. PSA 14

43

(3)

2. Treaty of Asuncion

46

(4)

3. The Common External Tariff

50

(1)

4. The CET by Sections

51

(2)

C. The MERCOSUR Rules of Origin

53

(13)

1. Applicability of the Rules of Origin

53

(1)

2. General Rules of Origin

54

(2)

3. Rules of Origin for Specific Goods

56

(1)

4. Application of the Rules of Origin

56

(2)

5. Certificates of Origin

58

(2)

6. Certificate of Origin Forms

60

(1)

7. Certificate of Origin Rules

60

(6)

D. Safeguard Clauses or Measures

66

(11)

1. Safeguard Clauses against Member States

66

(1)

2. Safeguard Clauses against Non-Member State Imports

66

(6)

3. Adoption of Safeguard Measures by MERCOSUR on Behalf of a Member State

72

(2)

4. Concession Levels and Other MERCOSUR Obligations under GATT 1994

74

(1)

5. Differential Treatment for Developing Countries

74

(1)

6. Dispute Resolution

74

(1)

7. Imposition of Safeguard Measures

75

(2)

Chapter 5 The MERCOSUR Legal System

77

(46)

A. The MERCOSUR Legal System

77

(2)

B. A Sampler of MERCOSUR Law

79

(1)

C. Harmonization of Procedural Rules

79

(16)

1. The Cooperation Protocol

80

(2)

2. The Extraordinary Measures Protocol

82

(1)

3. The Buenos Aires Protocol

83

(2)

4. The Santa Maria Protocol

85

(2)

5. The Penal Matters Protocol

87

(3)

6. The International Arbitration Agreement Protocol

90

(3)

7. Harmonization of Procedural Matters: An Assessment

93

(2)

D. Harmonization of Substantive Rules: The Stock Exchange Regulation

95

(5)

1. The Issuer

95

(1)

2. Sales of Securities

96

(1)

3. Shareholder Rights

97

(1)

4. Mutual Funds

97

(1)

5. Stock Exchanges and Brokers

98

(1)

6. Payment, Execution and Custody Systems

98

(1)

7. The Stock Exchanges Regulation: An Assessment

99

(1)

E. Harmonization of Substantive Norms: The MERCOSUR Competition Policy

100

(8)

1. Introduction

100

(1)

2. The Competition Protocol

101

(3)

3. The Competition Regulation

104

(2)

4. An Evaluation

106

(2)

F. Harmonization of Substantive Norms: Regulation of Commerce in Services

108

(6)

1. National Treatment and Market Access

109

(1)

2. Member State Regulation

110

(1)

3. Exceptions

111

(1)

4. Liberalization Program

112

(1)

5. Annexes

112

(1)

6. An Assessment

113

(1)

G. Harmonization of Economic Policy: Regulation of Foreign Investment

114

(9)

1. The Colonia Protocol

114

(4)

2. The Non-Member States Protocol

118

(1)

3. Promotion and Protection of Investments

118

(1)

4. Expropriations and Compensation

119

(1)

5. Transfers

119

(1)

6. Dispute Resolution

120

(1)

7. Assessment

120

(3)

Chapter 6 The Incorporation of Bolivia and Chile into MERCOSUR

123

(16)

A. Introduction

123

(1)

B. Chile and Bolivia Join MERCOSUR

123

(16)

1. The Agreements

124

(10)

2. The Relationship Continues

134

(5)

Chapter 7 To Infinity and Beyond: The European Union and Future Expansion

139

(18)

A. Introduction

139

(1)

B. MERCOSUR and the European Union

139

(13)

1. Introduction

139

(1)

2. The Framework Agreement

140

(3)

3. The EU-MERCOSUR Negotiations

143

(4)

4. The European Union and MERCOSUR: Is It a Good Match?

147

(5)

C. To Infinity and Beyond?

152

(5)

Chapter 8 "Relaunching MERCOSUR" and Recent Developments

157

(6)

A. "Relaunching MERCOSUR"

157

(2)

B. Recent Institutional Changes

159

(1)

C. The 2004-2006 Work Plan

160

(3)

Appendices MERCOSUR Basic Documents

163

(62)

Appendix I: Treaty of Asuncion 30 I.L.M. 1041

165

(20)

Appendix II: Protocol of Ouro Preto Regarding the Institutional Structure of MERCOSUR

185

(14)

Appendix III: Protocol of Brasilia for the Solution of Controversies

199

(8)

Appendix IV: Olivos Protocol for the Solution of Controversies

207

(18)

Index

225

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MERCOSUR

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