Political Economy Of Safeguards And Antidumping In Argentina

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Political Economy of Antidumping and Safeguards in Argentina

Author : Julio J. Nogués
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4./5 ( download)

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Book Synopsis Political Economy of Antidumping and Safeguards in Argentina by : Julio J. Nogués

Download or read book Political Economy of Antidumping and Safeguards in Argentina written by Julio J. Nogués and published by World Bank Publications. This book was released on 2005 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: "Beginning in the late 1980s, Argentina implemented a series of reforms that were revolutionary in speed and scope, including trade liberalization. After the implementation of these policies, a record number of antidumping petitions came forward. Under a situation of high inflation, the government reinforced its fiscal and monetary policies by announcing that it would minimize the use of such measures. The flexible disciplines of the existing domestic antidumping regulations facilitated this objective. Later, when the GATT/WTO-sanctioned trade remedies were implemented, the government made a serious attempt to establish discipline by including liberal regulations and creating special institutional arrangements. A presumption built into the construction of the new mechanisms was that adhering to WTO requirements would strengthen the resistance against protection. This presumption turned out to be false. Changing circumstances, including severe peso overvaluation, had significant effects on the number and outcome of antidumping investigations. Regarding safeguards, the government followed the letter and the spirit of the WTO agreement. In relation to the number of petitions, few measures have been implemented. Rejections were based on a concern for consumer costs and on failure of the industry seeking protection to provide a convincing modernization plan. This, plus the fact that some cases were brought to the WTO Dispute Settlement Body, have made safeguards a less attractive instrument for protection-seekers than antidumping. An important positive side of the story is that unlike previous balance of payments adjustments, in spite of the major crisis that followed the recent devaluation, the hard-won liberalization has been maintained."--World Bank web site.

Safeguards and Antidumping in Latin American Trade Liberalization

Author : J. Michael Finger
Publisher : World Bank Publications
ISBN 13 : 0821363093
Total Pages : 312 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Safeguards and Antidumping in Latin American Trade Liberalization by : J. Michael Finger

Download or read book Safeguards and Antidumping in Latin American Trade Liberalization written by J. Michael Finger and published by World Bank Publications. This book was released on 2005-12-05 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: Until the 1990s, the main users of safeguards and antidumping laws were Australia, Canada, the European Union, and the United States. Since then, many countries have implemented such laws, leading to a proliferation in antidumping and safeguard activity across the world. This timely book documents the political economy surrounding the implementation of these laws in seven Latin American countries and provides details on the institutions created, implementation of the laws, and subsequent activity. It finds that, in the larger political context, antidumping and safeguards are a necessary quid pro quo to certain important sectors to obtain much more liberalized trade policies for the general economy.

China's Growing Role in World Trade

Author : Robert C. Feenstra
Publisher : University of Chicago Press
ISBN 13 : 0226239721
Total Pages : 603 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis China's Growing Role in World Trade by : Robert C. Feenstra

Download or read book China's Growing Role in World Trade written by Robert C. Feenstra and published by University of Chicago Press. This book was released on 2010-03-10 with total page 603 pages. Available in PDF, EPUB and Kindle. Book excerpt: In less than three decades, China has grown from playing a negligible role in international trade to being one of the world's largest exporters, a substantial importer of raw materials, intermediate outputs, and other goods, and both a recipient and source of foreign investment. Not surprisingly, China's economic dynamism has generated considerable attention and concern in the United States and beyond. While some analysts have warned of the potential pitfalls of China's rise—the loss of jobs, for example—others have highlighted the benefits of new market and investment opportunities for US firms. Bringing together an expert group of contributors, China's Growing Role in World Trade undertakes an empirical investigation of the effects of China's new status. The essays collected here provide detailed analyses of the microstructure of trade, the macroeconomic implications, sector-level issues, and foreign direct investment. This volume's careful examination of micro data in light of established economic theories clarifies a number of misconceptions, disproves some conventional wisdom, and documents data patterns that enhance our understanding of China's trade and what it may mean to the rest of the world.

Anti-dumping Laws and Practices of the New Users

Author : Junji Nakagawa
Publisher : Cameron May
ISBN 13 : 1905017251
Total Pages : 390 pages
Book Rating : 4.9/5 (5 download)

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Book Synopsis Anti-dumping Laws and Practices of the New Users by : Junji Nakagawa

Download or read book Anti-dumping Laws and Practices of the New Users written by Junji Nakagawa and published by Cameron May. This book was released on 2007 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: More and more members of the WTO are using anti-dumping (AD) measures as an effective tool for protecting domestic industries facing competition with foreign products. In contrast to the 'big four' (US, EC, Canada and Australia), which have been using AD measures frequently since the GATT era, many of the new users established their AD regimes and began to use them after the establishment of the WTO. Why are there more and more new users? How are they applying AD measures? Do they comply with the rules of the WTO Anti- Dumping Agreement? What are their specific characteristics in the handling of AD cases? What should exporters and practitioners do to prepare for AD investigations by the new users? Based on extensive analyses of primary materials and hearings from practitioners and AD authorities, this book provides detailed and updated information to answer these questions on the following new users: China, Chinese Taipei, Korea, Thailand, India, South Africa, Mexico, Argentina, and Brazil.

Guide to International Anti-Dumping Practice

Author : Derk Bienen
Publisher : Kluwer Law International B.V.
ISBN 13 : 904114692X
Total Pages : 736 pages
Book Rating : 4.0/5 (411 download)

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Book Synopsis Guide to International Anti-Dumping Practice by : Derk Bienen

Download or read book Guide to International Anti-Dumping Practice written by Derk Bienen and published by Kluwer Law International B.V.. This book was released on 2013-09-01 with total page 736 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the first to bring together the actual practices and procedures in all the major users of anti-dumping. The countries surveyed include all the so-called ‘traditional’ users (Australia, Canada, the EU, New Zealand, South Africa, and the United States) as well as the leading ‘new’ users (Argentina, Brazil, China, India, Korea, Mexico, and Turkey). The book provides not only an overview of each of the systems considered but also a detailed reference to the way different jurisdictions have handled specific issues. In addition, the structure for each chapter is virtually identical, allowing for a ready comparative analysis of various topics. These topics include the following: ; applicable legislation, regulations, prescribed guidelines and procedures; decision-making process and time-line; the likelihood of an investigation leading to the imposition of measures; statistics 1995–2011 with details of actual investigations and duties imposed; threshold of injury and calculation of non-injurious price; establishment of causal link; verification reports, hearings, access to information, and other procedural issues; reviews and refunds; and anti-circumvention measures. An introductory chapter provides a comparative statistical analysis of the use of anti-dumping by the thirteen countries, highlighting key features of anti-dumping systems in a comparative way. The introduction also assesses the important impacts of China’s accession to the WTO in 2001 and of the economic and financial crisis of 2008–2009, discusses the treatment of non-market economies, and notes emerging tendencies in anti-dumping reform. This is an invaluable work on a key area in trade (and competition) law, written by a team of well-known experts. With its comprehensive and practical format, the book will be of great interest to practitioners dealing with anti-dumping cases, including trade law practitioners who may have to defend anti-dumping cases in different jurisdictions, attorneys in international trade law and competition law, government officials, academics, and researchers.

Antidumping and Safeguard Measures in the Political Economy of Liberalization

Author : Luz Elena Reyes De la Torre
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Antidumping and Safeguard Measures in the Political Economy of Liberalization by : Luz Elena Reyes De la Torre

Download or read book Antidumping and Safeguard Measures in the Political Economy of Liberalization written by Luz Elena Reyes De la Torre and published by . This book was released on 2005 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Mexico's creation and use of safeguard and antidumping processes to advance its liberalization illustrate three key points: (1) The country was able to use the instruments without losing political control. In a period of crisis that threatened congressional approval of critical steps in the liberalization-brought on by currency overvaluation and recession, along with unexpected demands from the United States in the North American Free Trade Agreement negotiations-the government applied a number of trade defense measures. Once the problems were addressed with adequate instruments the number of measures dropped drastically. The instruments had not been captured by protection-seeking interests;

Dispute Settlement at the WTO

Author : Gregory C. Shaffer
Publisher : Cambridge University Press
ISBN 13 : 1139493280
Total Pages : 373 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis Dispute Settlement at the WTO by : Gregory C. Shaffer

Download or read book Dispute Settlement at the WTO written by Gregory C. Shaffer and published by Cambridge University Press. This book was released on 2010-11-18 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: This examination of the law in action of WTO dispute settlement takes a developing-country perspective. Providing a bottom-up assessment of the challenges, experiences and strategies of individual developing countries, it assesses what these countries have done and can do to build the capacity to deploy and shape the WTO legal system, as well as the daunting challenges that they face. Chapters address developing countries of varying size and wealth, including China, India, Brazil, Argentina, Thailand, South Africa, Egypt, Kenya and Bangladesh. Building from empirical work by leading academics and practitioners, this book provides a much needed understanding of how the WTO dispute settlement system actually operates behind the scenes for developing countries.

Sustaining Trade Reform

Author : Elías A. Baracat
Publisher : World Bank Publications
ISBN 13 : 082139987X
Total Pages : 167 pages
Book Rating : 4.8/5 (213 download)

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Book Synopsis Sustaining Trade Reform by : Elías A. Baracat

Download or read book Sustaining Trade Reform written by Elías A. Baracat and published by World Bank Publications. This book was released on 2013-08-05 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: Factually, the principal finding of this book is that the trade policy reforms introduced by Peru in the 1990s have continued over several changes of president, whereas similar reforms in Argentina have been reversed. In both countries, the reforms included the introduction of new mechanisms for managing trade policy as well as the reduction of restrictions. Throughout the decade beginning in 2000, Peru’s liberalization expanded. The new institutions became more robust, and through them pressures for protection were effectively contained. At the same time, Argentine trade policy returned to the high-protection import substitution regime in place before the 1990s reforms. Multiple restrictions have been imposed, mostly through a reversion to informal methods that abjure the governance characteristics that the 1990s reforms introduced. The difference between the two cases cannot be explained by economic parameters such as resource endowments or external shocks. Peru’s reforms manifest the buoyant and confident attitude toward the global economy that reform leaders were able to introduce into Peruvian politics. In the words of former president Alan García, there is an eagerness to “climb up on the wave of growth.” In comparison, Argentina’s current development strategy sees international trade as detrimental to Argentina’s interests unless participation by Argentine buyers and sellers is guided by government intervention. The Peruvian case provides examples of successfully managing the politics of reform and the technical aspects of policy so as to establish transparent and participatory processes that weigh accurately the impact of trade policy on all affected domestic parties. The Argentine case demonstrates that the World Trade Organization legal system is not an effective restraint on a government that wants to revert to an import substitution regime. International cooperation has been useful when it has recognized and influenced domestic sovereignty over economic regulation; however, it is not been useful when approached as a matter of international regulation of national actions.

Political Economy of Antidumping and Safeguards in Argentina

Author : Julio J. Nogu??s
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (931 download)

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Book Synopsis Political Economy of Antidumping and Safeguards in Argentina by : Julio J. Nogu??s

Download or read book Political Economy of Antidumping and Safeguards in Argentina written by Julio J. Nogu??s and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Beginning in the late 1980s, Argentina implemented a series of reforms that were revolutionary in speed and scope, including trade liberalization. After the implementation of these policies, a record number of antidumping petitions came forward. Under a situation of high inflation, the government reinforced its fiscal and monetary policies by announcing that it would minimize the use of such measures. The flexible disciplines of the existing domestic antidumping regulations facilitated this objective. Later, when the GATT/WTO-sanctioned trade remedies were implemented, the government made a serious attempt to establish discipline by including liberal regulations and creating special institutional arrangements. A presumption built into the construction of the new mechanisms was that adhering to WTO requirements would strengthen the resistance against protection. This presumption turned out to be false. Changing circumstances, including severe peso overvaluation, had significant effects on the number and outcome of antidumping investigations. Regarding safeguards, the government followed the letter and the spirit of the WTO agreement. In relation to the number of petitions, few measures have been implemented. Rejections were based on a concern for consumer costs and on failure of the industry seeking protection to provide a convincing modernization plan. This, plus the fact that some cases were brought to the WTO Dispute Settlement Body, have made safeguards a less attractive instrument for protection-seekers than antidumping. An important positive side of the story is that unlike previous balance of payments adjustments, in spite of the major crisis that followed the recent devaluation, the hard-won liberalization has been maintained.

Trade in Goods

Author : Petros C. Mavroidis
Publisher : Oxford University Press
ISBN 13 : 0191636592
Total Pages : 942 pages
Book Rating : 4.1/5 (916 download)

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Book Synopsis Trade in Goods by : Petros C. Mavroidis

Download or read book Trade in Goods written by Petros C. Mavroidis and published by Oxford University Press. This book was released on 2012-07-19 with total page 942 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new edition of Trade in Goods is an authoritative work on international trade by one of the most influential scholars in the field. It provides a comprehensive and detailed analysis of every WTO agreement dealing with trade in goods. The focus of the book is on the reasoning behind the various WTO agreements and their provisions, and the manner in which they have been understood in practice. It introduces both the historic as well as the economic rationale for the emergence of the multilateral trading system, before dealing with WTO practice in all areas involving trade in goods. It contests the claim that the international trade agreements themselves represent 'incomplete contracts', realized through interpretation by the WTO and other judicial bodies. The book comprehensively analyses the WTO's case law, and it argues that a more rigorous theoretical approach is needed to ensure a greater coherence in the interpretation of the core provisions regulating trade in goods. This second edition readdresses and moves beyond the discussion of the GATT presented in the first edition to assess in significant detail every trade in goods agreement at the WTO, both multilateral as well as plurilateral. The book is written to be accessible to those new to the field, with an authoritative level of detail and analysis that makes it essential reading for lawyers and economists alike.

The Oxford Handbook of the Political Economy of International Trade

Author : Lisa L. Martin
Publisher : Oxford Handbooks
ISBN 13 : 0199981752
Total Pages : 577 pages
Book Rating : 4.1/5 (999 download)

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Book Synopsis The Oxford Handbook of the Political Economy of International Trade by : Lisa L. Martin

Download or read book The Oxford Handbook of the Political Economy of International Trade written by Lisa L. Martin and published by Oxford Handbooks. This book was released on 2015 with total page 577 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of the Political Economy of International Trade surveys the literature on the politics of international trade and highlights the most exciting recent scholarly developments. The Handbook is focused on work by political scientists that draws extensively on work in economics, but is distinctive in its applications and attention to political features; that is, it takes politics seriously. The Handbook's framework is organized in part along the traditional lines of domestic society-domestic institutions - international interaction, but elaborates this basic framework to showcase the most important new developments in our understanding of the political economy of trade. Within the field of international political economy, international trade has long been and continues to be one of the most vibrant areas of study. Drawing on models of economic interests and integrating them with political models of institutions and society, political scientists have made great strides in understanding the sources of trade policy preferences and outcomes. The 27 chapters in the Handbook include contributions from prominent scholars around the globe, and from multiple theoretical and methodological traditions. The Handbook considers the development of concepts and policies about international trade; the influence of individuals, firms, and societies; the role of domestic and international institutions; and the interaction of trade and other issues, such as monetary policy, environmental challenges, and human rights. Showcasing both established theories and findings and cutting-edge new research, the Handbook is a valuable reference for scholars of political economy.

The World Trade Organization

Author : International Trade Law Center
Publisher : Springer Science & Business Media
ISBN 13 : 0387226885
Total Pages : 3142 pages
Book Rating : 4.3/5 (872 download)

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Book Synopsis The World Trade Organization by : International Trade Law Center

Download or read book The World Trade Organization written by International Trade Law Center and published by Springer Science & Business Media. This book was released on 2007-12-31 with total page 3142 pages. Available in PDF, EPUB and Kindle. Book excerpt: The editors have succeeded in bringing together an excellent mix of leading scholars and practitioners. No book on the WTO has had this wide a scope before or covered the legal framework, economic and political issues, current and would-be countries and a outlook to the future like these three volumes do. 3000 pages, 80 chapters in 3 volumes cover a very interdiscplinary field that touches upon law, economics and politics.

The Political Economy of the World Trading System : WTO and Beyond

Author : Bernard Hoekman
Publisher : OUP Oxford
ISBN 13 : 0191522252
Total Pages : 580 pages
Book Rating : 4.1/5 (915 download)

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Book Synopsis The Political Economy of the World Trading System : WTO and Beyond by : Bernard Hoekman

Download or read book The Political Economy of the World Trading System : WTO and Beyond written by Bernard Hoekman and published by OUP Oxford. This book was released on 2001-07-19 with total page 580 pages. Available in PDF, EPUB and Kindle. Book excerpt: The creation of the World Trade Organization (WTO) in 1995 ushered in a new era in world trading arrangements. Building on the General Agreement on Trades and Tariffs (GATT), the intergovernmental treaty that for 50 years had regulated international trade relations, the WTO is a global organization of equal standing to the International Monetary Fund and the World Bank, and will set the agenda for international trade for decades to come. The authors of this volume were heavily involved in the Uruguay Round of GATT negotiations that laid the foundations for the creation of the WTO, and were ideally placed to see how the politics of negotiation affects the economics of trade. The Political Economy of the World Trading System is the first comprehensive and accessible introduction to the institutional mechanics, economics, and politics of the global trading networks. It goes beyond description of the rules of the WTO to analyse the political and economic forces that sculpted them, the incentives for countries to abide by them, and the likely future direction of the organization. The authors show how governments are not necessarily the social welfare-maximizing entities often found in textbooks, but instead develop policy subject to the pressures of a variety of interest groups. Although economic theory suggests that countries should pursue liberal trade policies and exchange goods and services on the basis of their comparative advantage, in practice most nations actively intervene in international trade. The political economy approach taken in this volume explains how the WTO functions, why GATT has been very successful in reducing tariffs, and why it has proven much more difficult to expand the reach of multilateral disciplines to domestic policies impacting on trade. This book will increase the reader's understanding of international economics, business, and international relations by supplying in-depth insider knowledge of how trade negotiations take place, how this decision-making affects trade policy, and how the multilateral arrangements that shape world trade are created. This information is crucial to understand why WTO rules are phrased as they are, and to understand the processes by which business organizations, industrial associations, and political lobbies influence the multilateral trading system. In this expanded and thoroughly revised edition, the authors have taken account of the recent developments in international trade relations, included an extra chapter on the historical importance of international trading arrangements, and updated all the references and guides to further reading.

Global Textiles and Clothing Trade

Author : Umair Hafeez Ghori
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041142010
Total Pages : 270 pages
Book Rating : 4.0/5 (411 download)

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Book Synopsis Global Textiles and Clothing Trade by : Umair Hafeez Ghori

Download or read book Global Textiles and Clothing Trade written by Umair Hafeez Ghori and published by Kluwer Law International B.V.. This book was released on 2012-04-05 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author presents substantial case studies of the effect of the abolition of quotas on global trade in this sector. Concentrating mainly on China and Pakistan but also examining India, Indonesia, Vietnam, and seven other Asian T&C manufacturing countries, he contrasts post-abolition reality with pre-abolition predictions of the impact of abolishing quotas, and details the continuing distortion caused by tariffs, non-tariff barriers and through trade remedies such as safeguards and anti-dumping. All of the analysis is supported by the judicious use and interpretation of extensive statistics, compelling arguments, and interviews with entrepreneurs and trade officials in Pakistan (as a case study of a country predicted to be a major beneficiary of quota expiry).

The Politics of International Economic Law

Author : Tomer Broude
Publisher : Cambridge University Press
ISBN 13 : 1139499122
Total Pages : 389 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis The Politics of International Economic Law by : Tomer Broude

Download or read book The Politics of International Economic Law written by Tomer Broude and published by Cambridge University Press. This book was released on 2011-03-07 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do politics and international economic law interact with each other? Financial crises and shifts in global economic patterns have refocused our attention on how the fingerprints of the 'visible hand' can be seen all over the institutions that underpin the rules of globalization. From trade and investment to finance, governments are under pressure to enforce, resist and rewrite international economic law. Lawyers have seldom given enough attention to the influence of politics on law, whereas political scientists have had an on-again, off-again fascination with how the law influences relations among states. This book leads the way toward filling this interdisciplinary gap, through a series of important studies written by leaders in the field on specific problems in international economic relations. The book demonstrates a variety of ways in which the international political-economic nexus may be researched and understood.

The Political Economy of the World Trading System

Author : Bernard M. Hoekman
Publisher : OUP Oxford
ISBN 13 : 0191564842
Total Pages : 765 pages
Book Rating : 4.1/5 (915 download)

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Book Synopsis The Political Economy of the World Trading System by : Bernard M. Hoekman

Download or read book The Political Economy of the World Trading System written by Bernard M. Hoekman and published by OUP Oxford. This book was released on 2009-10-29 with total page 765 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Political Economy of the World Trading System is a comprehensive textbook account of the economics, institutional mechanics and politics of the world trading system. This third edition has been expanded and updated to cover developments in the World Trade Organisation (WTO) since its formation, including the Doha Round, presenting the essentials of trade negotiations and the WTO's rules and disciplines. The authors focus in particular on the WTO's role as the primary organisation through which trading nations manage their commercial interactions and the focal point for cooperation on policy responses to the rapidly changing global trading environment. It is the forum in which many features of the globalisation process are considered, and it currently faces an unprecedented set of challenges. The increasing importance of countries in Asia, Latin America and Africa in international trade relations, the revealed preference towards regionalism, intensification of trade conflicts, the role of business groups and NGOs in trade policy formation and negotiations, and pressures for more leadership in an institution threatened by paralysis are examples of issues that are discussed in some detail; all are critical for the operation of the system and for international business in the coming decade. This edition also includes numerous real-world examples to illustrate how the WTO impinges on business, workers and households, written from the perspective of managers and business associations. An insider's view of the institutional history of the WTO allows the authors to use a variety of conceptual tools to analyse the working of the WTO in a non-technical manner. Suggestions for Further Reading at the end of each chapter and an extensive bibliography make the volume suitable both for introductory and postgraduate courses on international economics and business, international relations, and international economic law.

WTO Safeguards and Trade Liberalization

Author : Elías Baracat
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4./5 ( download)

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Book Synopsis WTO Safeguards and Trade Liberalization by : Elías Baracat

Download or read book WTO Safeguards and Trade Liberalization written by Elías Baracat and published by World Bank Publications. This book was released on 2005 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The footwear case provides an example of the complexities of World Trade Organization (WTO) rules on the use of safeguards, and of the interaction of multilateral and regional processes of liberalization. As a result both of Argentina's unilateral liberalization and the removal of barriers within Mercosur, imports of footwear increased rapidly. As Mercosur provides no intra-regional safeguard mechanism, the government of Argentina responded by applying import relief and WTO safeguards against third countries. The WTO Dispute Settlement Body addressed these measures and as a consequence, Argentina dismantled most of them, leading to four main conclusions: The jurisprudence of the WTO's Appellate Body has created serious uncertainty as to when a country can use safeguards. This does not contribute to the political balance that has to be maintained when developing countries implement trade liberalization programs. In fact, it detracts from this crucial goal. It is an error to negotiate ambiguous multilateral agreements on the expectation that the WTO Dispute Settlement mechanism will clarify them. An overvalued currency heightened the industry's problems. In the case of footwear, the decline in imports following the recent devaluation was more important than that following the implementation of earlier relief measures. The political economy of liberalization also indicates the need for regional agreements to include adequate transition mechanisms that will facilitate adjustment to free trade and to maintain support for it.