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International Trade

Explore the fundamentals of international trade, from imports and exports to trade agreements and dispute resolution under the World Trade Organization (WTO). Learn about trade terms, legal frameworks, WTO history, dispute resolution, and regional trade agreements.

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International Trade

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  1. International Trade

  2. What is international trade? • imports, exports • foreign investment • WTO, NAFTA, EU • and, potentially, everything else

  3. Trade terms • Dumping -- selling imports into a domestic market at a price lower than the cost of production in the country of origin—”less than fair value” (LTFV) • Tariff --A fee (or duty) levied upon goods transported from one customs area to another • Trade subsidies -- government payments or other benefits to producers that make their prices “unfairly” low • Countervailing duties – extra fee levied by importing country to counter unfair subsidy

  4. Legal framework • most countries members of WTO • many countries also have bilateral or regional trade agreements • trade agreements generally have dispute resolution mechanisms • trade obligations may affect/supplant national law

  5. WTO history • Began in 1995, built on GATT • GATT began in 1947. • GATT intended as tariff-cutting agreement. • “Rounds” are series of negotiations intended to cut tariffs.

  6. 3 main principles of GATT/WTO • convert all trade barriers to tariffs • transparent • easier to administer • most-favored-nation (MFN) • any favorable trade treatment must be given to all members • national treatment • imports treated equally with domestic

  7. WTO: 6 components • trade in goods –1994 GATT agreement –all bound • product standards –all bound • GATS –trade in services—not all bound • TRIPs –all bound • plurilateral agreements (e.g., gov’t procurement) –some bound • dispute resolution –all bound

  8. WTO structure • Ministerial Body (meets every 2 years; e.g., Seattle) • General Council –main governing body • Secretariat –permanent professional staff

  9. WTO dispute resolution process • “request for consultations” = complaint • panel • appellate body (appeals routine) • loser must bring itself into compliance • if not, winner can retaliate

  10. Regional Trade Agreements (RTAs); Free Trade Agreements (FTAs) • permitted by WTO • multilateral or bilateral • important because of stalled progress on Doha round • US aggressively pursuing

  11. NAFTA • earlier CFTA (US-Canada) • decreases, then removes tariffs • Anti-dumping, countervailing duty disputes (Chapter 19) — arbitration before bi-national panels • investment disputes (Chapter 11)—ICSID arbitration, UNCITRAL

  12. Researching WTO law • Jeanne Rehberg’s guide: http://www.law.nyu.edu/library/research/researchguides/wtogattresearch/index.htm • ASIL’s Elec. Res. Guide • treatises for background, concepts, details • WTO site • USTR site for US perspective

  13. WTO site • documents from 1995 (selected older documents) • treaties • WTO Analytical Index — Guide to WTO Law and Practice (travaux and interpretation) • reports, news, statistics

  14. WTO Analytical Index

  15. WTO Analytical Index—find decisions by treaty article

  16. WTO site: Documents Online • accessible from Trade Topics with drop-down menus • browse or search • document symbol: e.g., G/SCM/59/Add.2 • document number: e.g., 04-4872

  17. WorldTradeLaw.net • part free, part subscription • search engine for WTO docs • easier to download WTO docs • expert commentary, index

  18. TradeLawGuide • citator for WTO panel and AB decisions • interprets key terms • WTO jurisprudence by treaty, article

  19. Tariff schedules • US Harmonized Tariff Schedule • US International Trade Commission site • WTO site –schedule of concessions • national trade department sites

  20. Other resources • Westlaw, Lexis • WTO panel and AB decisions • NAFTA decisions • treaties • GATT documents – Stanford http://gatt.stanford.edu/bin/search/simple • BNA’s International Trade Reporter

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