The Regulation of International Trade

The Regulation of International Tradeintroduces the rules and institutions that govern international trade. Michael J. Trebilcock and Robert Howse examine the theory and functions of international institutions and blocs including GATT, USFTA, NAFTA and the EC and also examine current difficulties in global trade. This book also includes a comparative discussion of internal rules for the application of trade remedies to dumping and subsidies in Canada, the USA and the EC. The authors examine how trading disputes which result from protectionism are settled. Individual chapters focus on exchange rates, trade in agricultural products, trade in services, trade and development and international labor mobility.The Regulation of International Tradealso covers some of the emerging issues, including investment measures, intellectual property rights and the environment. Throughout, the insights of classic and contemporary economics and political economy are related to current issues facing theworld trading order. As a comprehensive text, this book will be a valuable guide to those interested in economics, law and international relations.

List of figures and tables

x

Preface and acknowledgements

xi

Preface, first edition

xii

The evolution of international trade theory and policy

1

(24)

An intellectual history of international trade theory and policy

1

(16)

An institutional history of international trade policy

17

(8)

The basic elements of the GATT/WTO, the North American Free Trade Agreement, and the European Union

25

(26)

The General Agreement on Tariffs and Trade (GATT)

25

(13)

The Canada--US Free Trade Agreement and the North American Free Trade Agreement (NAFTA)

38

(6)

The framework of economic integration in the European Union

44

(3)

Harmonization

47

(4)

Dispute settlement

51

(44)

Introduction

51

(7)

The WTO Dispute Settlement Understanding (DSU)

58

(22)

Dispute settlement in the NAFTA

80

(14)

Conclusion

94

(1)

Trade, exchange rates, and the balance of payments

95

(17)

Introduction

95

(4)

Liquidity, adjustment and substitutability

99

(5)

Volatility

104

(2)

Macroeconomic policy coordination and proposals for managed exchange rates

106

(2)

The European Monetary System (EMS)

108

(3)

Conclusion

111

(1)

Tariffs, the MFN principle, and regional trading blocs

112

(23)

The economic effects of a tariff

112

(2)

The Most Favoured Nation principle

114

(2)

Alternative bargaining structures

116

(3)

Outstanding tariff issues

119

(5)

Domestic administration of tariffs

124

(5)

Multilateralism versus regionalism

129

(6)

Trade policy and domestic health and safety regulation and standards

135

(31)

Introduction

135

(3)

Legislative history

138

(12)

Standards setting bodies

150

(2)

Selected case-law

152

(8)

Future policy directions

160

(3)

Conclusions

163

(3)

Antidumping laws

166

(24)

Introduction

166

(1)

The GATT provisions on antidumping

167

(5)

Antidumping laws: Canada, the United States and the EU

172

(5)

Theoretical rationales for antidumping laws

177

(11)

Reforming antidumping laws

188

(2)

Subsidies, countervailing duties, and government procurement

190

(36)

Introduction

190

(1)

GATT provisions on subsidies

191

(14)

Domestic administration of countervailing duty laws

205

(8)

Rationales for countervailing duty laws

213

(4)

Reforming subsidy laws

217

(9)

Safeguard regimes and domestic adjustment policies

226

(20)

The GATT safeguard regime

226

(13)

Domestic adjustment assistance policies

239

(6)

Conclusion

245

(1)

Trade in agriculture

246

(24)

Introduction

246

(1)

Trade in agriculture and the pre-Uruguay Round GATT

247

(4)

The Canada--US Free Trade Agreement (FTA) and the North American Free Trade Agreement (NAFTA)

251

(1)

Rationales for differential treatment of the agricultural sector: a critical overview

252

(2)

Instruments of agricultural protection

254

(4)

The Uruguay Round Agreement on Agriculture

258

(6)

Dispute settlement and the Agreement on Agriculture

264

(4)

Conclusion

268

(2)

Trade in services

270

(37)

Introduction

270

(1)

The nature of services

271

(2)

Barriers to trade in services

273

(2)

International agreements for the liberalization of trade in services

275

(17)

Financial services

292

(7)

Telecommunications

299

(6)

Conclusion

305

(2)

Trade-related intellectual property (TRIPs)

307

(28)

Introduction

307

(3)

Trade theory and intellectual property rights

310

(2)

The pre-Uruguay Round international legal framework

312

(5)

Aggressive unilaterialism: US trade remedy law and the EU new trade policy instrument

317

(2)

Intellectual property provisions in trade agreements

319

(11)

Post-Uruguay Round developments

330

(4)

Conclusion

334

(1)

Trade and investment

335

(32)

Introduction

335

(2)

Foreign investment and trade theory

337

(1)

Economic rationales for government incentives and disincentives to foreign investment

338

(4)

Non-economic rationales and effects of investment policies: sovereignty and the foreign firm

342

(5)

Alternative approaches to international discipline of foreign investment measures

347

(10)

The Multilateral Agreement on Investment (MAI)

357

(8)

Conclusion

365

(2)

Trade and developing countries

367

(28)

Introduction

367

(1)

The legal and institutional framework for developing country trade

368

(11)

Trade and development: theory and policy

379

(7)

Policy options and prospects for the future

386

(8)

Conclusion

394

(1)

Trade and the environment

395

(46)

Introduction

395

(2)

The GATT

397

(35)

The North American Free Trade Agreement

432

(8)

Conclusion

440

(1)

Trade and labour rights

441

(23)

Introduction

441

(1)

A conceptual framework for understanding the trade and labour rights debate

442

(14)

The existing and evolving legal and institutional framework

456

(6)

Conclusion

462

(2)

Trade and competition policy

464

(20)

The basic economic function of competition laws

464

(3)

International dimensions of competition laws

467

(7)

Application of framework to specific aspects of competition policy

474

(7)

Trade policy implications

481

(3)

The international movement of people

484

(16)

Introduction

484

(2)

Immigration policy in historical perspective

486

(1)

The values

487

(4)

The welfare implications of immigration

491

(5)

Implications for immigration policy

496

(2)

Conclusion

498

(2)

Conclusion: the future of the global trading system

500

(23)

Introduction

500

(1)

Trade liberalization and the regulatory state: managing the interface

500

(16)

Strengthening the legal and institutional foundations of open markets

516

(3)

Multilateralism versus regionalism

519

(4)

Notes

523

(72)

Index

595

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The Regulation of International Trade

Summary

Table of Contents

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