International Trade Law Commons^™

Wto Reform And China: Defining Or Defiling The Multilateral Trading System?, Henry S. Gao

Research Collection Yong Pung How School Of Law

In November 2001, China finally acceded to the World Trade Organization, in a deal described by then WTO Director-General Mike Moore as a “defining moment in the history of the multilateral trading system”. In recent years, however, China has been accused of defiling the letter and spirt of WTO rules with its unique economic model. Believing that existing WTO rules are inadequate in dealing with the China challenge, key WTO Members have launched a new round of WTO reform, which is the subject of this article. Contrary to popular belief, most of the problems concerning China are not new but …

Selective Engagement? Future Path For Us-China Economic Relations And Its Implications, Heng Wang

Research Collection Yong Pung How School Of Law

The US-China economic interactions will have profound ramifications for the world. The article explores the following questions: what is the path forward for US-China economic interactions? What are its implications? It argues that selective engagement is the possible future path for US-China economic interactions. Selective engagement involves selective focuses, which currently are an unprecedented emphasis on market access, and delegalized implementation. Selective engagement contrasts sharply with deep free trade agreements that focus on regulatory disciplines and legalized dispute settlement. Selective engagement carries profound implications, ranging from rule vacuum and inconsistency, increased protection and economic disintegration, to the marginalization of multilateralism. …

Wto Reform: A China Round, Henry S. Gao

Research Collection Yong Pung How School Of Law

Since its accession to the World Trade Organization (WTO), China's exports have been growing exponentially. In 2009, China became the world's top goods exporter. Four years later, China unseated the United States as the top trading nation in the world. In contrast to the burgeoning Chinese economy, the United States and Europe have been suffering from economic decline since the global financial crisis in 2008. China regards its rise as a long overdue restoration of its rightful position, as it has been the largest economy in the world for most of its history, except the brief aberration over the past …

Data Regulation In Trade Agreements: Different Models And Options Ahead, Henry S. Gao

Research Collection Yong Pung How School Of Law

“Data is the new oil”. Just like oil, which powered the economy in the last century, data are what moves the world today. This is especially true for international trade. The crucial role played by data can be observed at every step of the process, from the conception of a new product and the sourcing of raw materials and parts, to the manufacturing process and the transportation of products across borders, until they finally reach the hands of consumers from every corner of the world.

International Dimension Of Cbdc: A Network Analysis, Heng Wang, Simin Gao

Research Collection Yong Pung How School Of Law

Central bank digital currency (CBDC), with its dramatic differences from paper currency in terms of both currency and data, is likely to be a game changer in the international financial system. CBDC would lead to new payment infrastructures and arrangements, and a CBDC network. However, the crucial international dimension of new payment infrastructures and arrangements is under-researched. This article examines what kind of CBDC network is likely to emerge in the future, and the impact it would have on regulation and the global financial network (GFN). It argues first that the CBDC network is likely to be a decentralized network …

Rethinking China Trade Policy: Lessons Learned And Options Ahead, Henry S. Gao

Research Collection Yong Pung How School Of Law

Looking back at the China trade policy of the Trump administration, the biggest lesson is that unilateralism simply doesn’t work, at least not against a major power like China. Despite the tumultuous two-and-half-year trade war and the Phase 1 deal hailed as an “unprecedented” deal promising “a more balanced trade relationship and a more level playing field for American workers and companies,” there has been little progress on the issues U.S. businesses and the Trump administration objected to in China’s trade and economic policies. It is not only the U.S. government that needs a more viable approach. Many companies would …

Governing Science And Technology Under The International Economic Order: Regulatory Divergence And Convergence In The Age Of Megaregionals By Shin-Yi Peng, Han-Wei Liu And Ching-Fu Lin, Henry S. Gao, Weihuan Zhou

Research Collection Yong Pung How School Of Law

Trade and technology have a long history of interdependence. It was the trade along the ancient silk road that helped to spread the technologies of China – such as paper-making, gun power, compass, and moveable type printing – to Europe. These technologies helped to launch the Renaissance, the Reformation, and the Great Discoveries, which in turn set in motion globalization as we know today. As we enter the third decade of the twenty-first century, the role of science and technology grows even stronger in international trade. For example, the advancement of information and communications technology (ICT) has greatly facilitated the …

China’S Bilateral Investment Treaties, Heng Wang

Research Collection Yong Pung How School Of Law

This chapter focuses on the changes and trends in Chinese bilateral investment treaties and relatedly investment rules of China’s free trade agreements. It analyzes a number of questions: what is the changing context of China’s bilateral investment rulemaking? How to understand the evolution of China’s bilateral investment treaties? What are the major features in China’s recent practice? What are the shifts on investment dispute settlement?

Shifting Contour Of Data Sharing In Financial Market And Regulatory Responses: The Uk And Australian Models, Han-Wei Liu

Research Collection Yong Pung How School Of Law

Starting from Directive 2015/2366 on Payment Services in the Internal Market — known as PSD II in the European Union (EU) — countries across the world have or are contemplating a new framework to govern data sharing among different players in the financial market. “Open Banking,” as this trend is called, requires or encourages — depending on the regulatory models adopted in different jurisdictions — banks to share consumer-permissioned banking data with third parties securely, in a form that facilitates its use. The Open Banking initiatives have diffused from the EU, and the UK, to elsewhere. The current Open Banking …

Facilitating Investment Through Iias: The Case Of The Regional Comprehensive Economic Partnership Agreement, Stefanie Schacherer

Research Collection Yong Pung How School Of Law

As many recently concluded IIAs, the RCEP agreement includes provisions on investment facilitation. Following ASEAN’s “built-in work program” approach, the agreement provides flexibility for RCEP parties to further implement investment facilitation measures. Such flexibility can arguably be an opportunity to set a collaborative framework for investment facilitation in the region.

To Boycott Proceedings Or Not? Recourse Against Arbitral Awards On Jurisdictional Grounds By Different Categories Of Respondents Under The Model Law, Darius Chan, Claire Neoh

Research Collection Yong Pung How School Of Law

The remedies that award debtors have under Articles 16(3), 34 and 36 of the Model Law, and more critically the inter-relationship between those remedies, has attracted much debate. Yet there is a dearth of analysis on how the availability of each remedy may differ according to the award debtor’s degree of participation in the arbitral pro- cess. Such analysis carries significant practical value for parties in considering whether and to what extent they should participate in any arbitral process when they harbour jurisdictional objections. This article distils Singapore’s experience, describing how Singapore has implemented the ‘choice of remedies’ principle for …

Us-China Trade War: A Way Out?, Weihuan Zhou, Henry Gao

Research Collection Yong Pung How School Of Law

Recently, a group of eminent Chinese/US economists and legal scholars issued a thought-provoking Joint Statement on ‘US–China Trade Relations: A Way Forward’. However, the Joint Statement does not provide practical solutions to the real issues in the bilateral negotiations. Moreover, by granting excessive policy space to the two largest trading nations, it would encourage them to further deviate from WTO rules and undermine the multilateral trading system. Drawing on the Theory of Distortions and Welfare, we put forward an alternative framework for the parties to tackle protectionist and trade distortive policy instruments while leaving sufficient policy space for them to …

Selective Reshaping: China's Paradigm Shift In International Economic Governance, Heng Wang

Research Collection Yong Pung How School Of Law

In contrast with the selective adaptation approach toward external norms seen in its accession to the World Trade Organization, China increasingly plays a proactive role on the international stage, with the Belt and Road Initiative at the center of these activities. How can we understand this new approach by China toward international economic governance? What is responsible for China's shifting approach, and what are the implications of this shift? The paper presents selective reshaping as a new theoretical framework, and argues that China is shifting toward the selective reshaping of institutions and rules within the global economic order. Within this …

A New Chinese Economic Law Order?, Greg Shaffer, Henry S. Gao

Research Collection Yong Pung How School Of Law

China is incrementally developing a new, decentralized model of trade governance through a web of finance, trade, and investment initiatives involving memorandum of understanding, contracts, and trade and investment treaties, supported by an indigenous innovation policy that is transnational in its reach. In this way, China could create a vast, Sino-centric, legal order in which the Chinese state plays the nodal role. It is a hub and spokes model, with China at the hub. In this article, we first examine China’s export of an infrastructure-based development model, implemented through Chinese state-owned and private enterprise investments and commercial contracts (Part B), …

Rethinking Non-Recognition: The Eu’S Investment Agreement With Taiwan Under The One-China Policy, Pasha L. Hsieh

Research Collection Yong Pung How School Of Law

This article re-examines the theories of recognition and non-recognition in the context of the evolving framework of the European Union (EU)’s trade and investment relations with Taiwan from legal and international relations perspectives. Notwithstanding its one-China policy, the EU has developed a pragmatic approach to engaging Taiwan under bilateral consultations and World Trade Organization negotiations that have built the foundation for the bilateral investment agreement (BIA). The article argues that since the 1980s, the EU has accorded diverse forms of recognition to Taiwan and the BIA will buttress the process. To substantiate the contention, the article systemically explores the political …

Three Essays On International Trade Policies, Xin Yi

Dissertations and Theses Collection (Open Access)

This dissertation studies the empirical and quantitative implications of trade policies. The first chapter examines the effects of trade policies on quality specialization across cities within a country. Specifically, we complement the quality specialization literature in international trade and study how larger cities within a country produce goods with higher quality. We first establish three stylized facts on how product quality is related to agglomeration, firm productivity, and worker skills. We then rationalize these facts in a spatial equilibrium model where all the elements mentioned above are present and firms are free to choose their locations. Using firm-level data from …

Diversity Of Shareholder Stewardship In Asia: Faux Convergence, Gen Goto, Alan K. Koh, Dan W. Puchniak

Research Collection Yong Pung How School Of Law

Since the UK adopted the world's first stewardship code in 2010, stewardship codes have proliferated across Asia. Given the UK Code's prominence, it is tempting to assume that every other stewardship code performs the same function as the UK Code. This assumption belies the truth: all these codes--regardless of whether they have in fact drawn inspiration from the UK Code--have taken different trajectories due to each adopting its jurisdiction's distinctive institutional and legal context.Using empirical evidence and in-depth case studies of stewardship in Japan and Singapore, this Article reveals how any reception of United Kingdom-style stewardship concepts is only skin …

Artificial Intelligence And Global Trade Governance: A Pluralist Agenda, Han-Wei Liu, Ching-Fu Lin

Research Collection Yong Pung How School Of Law

This Article is the first of its kind to map out imminent challenges facing the World Trade Organization (WTO) against the emergence of artificial intelligence. It does so by examining critically AI’s normative implications for four issue areas—robot lawyers, automated driving systems, computer-generated works, and automated decision-making processes. By unpacking the diverse governance approaches taken in addressing these issues, this Article highlights the underlying economic, societal, cultural, and political interests in different jurisdictions and identifies the growing normative relevance of global legal pluralism. In light of the changing fabric of international law, this Article seeks to reconceptualize AI and global …

Rethinking The Regulatory Sandbox For Financial Innovation: An Assessment Of The Uk And Singapore, Christopher Chen

Research Collection Yong Pung How School Of Law

After the UK launched the first regulatory sandbox regime in 2016, the approach was quickly transplanted to numerous other countries as a means of promoting innovation, improving competition and enhancing financial inclusion. However, it remains unclear whether the approach can effectively achieve the relevant policy goals and thus justify the differential regulatory treatment. This chapter provides a broad overview of the regulatory sandbox regime and examines its potential benefits and problems. The chapter then provides some empirical evidence by analyzing the sandboxes awarded in the UK and Singapore between 2016 and 2018 with the aim of identifying what the businesses …

‘Overreaching’ Or ‘Overreacting’? Reflections On The Judicial Function And Approaches Of Wto Appellate Body, Weihuan Zhou, Henry S. Gao

Research Collection Yong Pung How School Of Law

Since 2017, the US has blocked appointments to the WTO Appellate Body (AB), citing various concerns over its judicial approach, with the most significant being the issue of judicial overreach. This article provides a critical analysis of this issue and makes important contributions to the ongoing debate. Drawing on the fundamental function of the WTO, it offers a fresh approach to assess judicial overreach and shows that AB rulings in major non-trade remedy cases (that have consistently concerned the US) have served that function and hence should not be treated as ‘overreaching’. We argue that, the allegation of judicial overreach, …

What Do Chinese Clients Want?, Ji Li, Wei Zhang

Research Collection Yong Pung How School Of Law

The world’s two largest economies are locked in an escalating trade war, and caught in the crossfire are hundreds of Chinese multinational companies (MNCs) that have made substantial U.S. investments. Facing heightened legal risks in a less hospitable environment, the Chinese MNCs increasingly depend on local lawyers. Yet, their purchase of U.S. legal service, a topic of both practical and theoretical importance, has received little attention. To fill the gap, this article empirically investigates how Chinese companies in the United States select their U.S. legal counsel. By analyzing a unique dataset, the article finds that Chinese MNC managers uniformly prioritize …

Building A Market Economy Through Wto-Inspired Reform Of State-Owned Enterprises In China, Weihuan Zhou, Henry S. Gao, Xue Bai

Research Collection Yong Pung How School Of Law

This paper responds to the widespread view that existing WTO rules are insufficient in dealing with China’s state capitalism, which has been further emboldened by its latest rounds of state-owned enterprise (“SOE”) reforms. Through a careful review of WTO agreements and jurisprudence, the paper argues that, we do not necessarily need new rules, because the unique challenges created by China’s state capitalism can be sufficiently dealt with by the WTO’s existing rules on subsidies coupled with the China-specific obligations. Thus, a more realistic approach would be to push China back to the path of market-oriented reforms through WTO litigation based …

International Trade, Fdi And Agency Problems, Yuting Chen

Dissertations and Theses Collection (Open Access)

This dissertation comprises three papers that separately study product quality in international trade, the governance’ effect on FDI and the agency problems in firms’ exporting decisions.

The first chapter quantifies the contribution of differences in quality preferences to the differences in gains from trade across countries. The quantification demonstrates that variations in the strength of quality preferences across countries add to heterogeneities across countries in market competitiveness. If the quality channel is shut down, countries with stronger preferences for quality have larger degrees of underestimations in their losses from the trade barrier. Finally, gains from a universal rise in quality …

Severance By Unilateral Declaration: Lessons From Singapore, Alvin W. L. See

Research Collection Yong Pung How School Of Law

Thisarticle examines, in the context of Singapore law, unilateral declaration as amode of severing a joint tenancy. In particular, it considers if and in what exceptionalcircumstances should severance by unilateral declaration be allowed in equitynotwithstanding the lack of registration, the effect of such an unregisteredseverance with regards to third parties, as well as how the different modes ofseverance interact with one another.

China’S Free Trade Agreement Approach To Intellectual Property: The Future Of China’S Rules Under The Belt And Road Initiative [In Chinese], Heng Wang, Zhenyu Xiao

Research Collection Yong Pung How School Of Law

Intellectual property rules have played an increasingly important role in international trade. Due to the problem in multilateral negotiations, free trade agreements (FTAs) of the US and EU may profoundly shape the future of world intellectual property law. The article analyses the following questions: what are the Chinese, US and EU approach to intellectual property under FTAs? Will China develop its own FTA model on intellectual property? On the one hand, the US and EU have developed their FTA model and is featured with WTO-plus obligations and stringent enforcement. They largely converge despite differences in areas such as geographical indications. …

The Future Of Deep Free Trade Agreements: The Convergence Of Tpp (And Cptpp) And Ceta?, Heng Wang

Research Collection Yong Pung How School Of Law

Focusing on Trans-Pacific Partnership (TPP), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Comprehensive Economic and Trade Agreement (CETA) as deep free trade agreements (FTAs) that concentrate on regulatory disciplines, this article examines a key question concerning the future of deep FTAs: do deep FTAs converge and, if so, why? It argues that, first, deep FTAs converge in their approach to trade and investment in two crucial respects: regulatory disciplines and dispute settlement. CPTPP narrows its gap with CETA through suspending rules in arguably most controversial aspects of TPP (i.e. intellectual property and investor-state dispute settlement [ISDS]). Differences emerge …

China's Approach To The Belt And Road Initiative: Scope, Character And Sustainability, Heng Wang

Research Collection Yong Pung How School Of Law

As a new form of regional multilateralism, the Belt and Road Initiative is China’s most significant strategic move for external engagement in international economic law, following its World Trade Organization accession. This paper analyses China’s approach towards the Belt and Road Initiative from a legal perspective, focusing on three questions: first, what is the proper scope of the Belt and Road Initiative? Second, is there an identifiable approach that China adopts in the Belt and Road Initiative context, and, if so, what is its key legal characteristic? Third, is China’s Belt and Road Initiative approach sustainable? Employing a functional approach …

Building Toward The Rcep? Reflections On The Asean-China Fta, Heng Wang

Research Collection Yong Pung How School Of Law

Among the ASEAN’s external FTAs, the ASEAN-China Free Trade Agreement (ACFTA) is ofgreat significance to both the ASEAN and China. The ACFTA was one of the earliest trade pactsconcluded by China. It is also part of the ASEAN’s broader push toward concluding FTAs outside themultilateral trading system, in line with the proliferation of regional trade pacts. This chapter willanalyze the following questions: what is the approach of the ACFTA? What are the implications ofthe ACFTA for the the Regional Comprehensive Economic Partnership (RCEP)? What nationalimplementation issues are involved with the ASEAN? The potential implications of the AHKFTA willbe explored. The …

An Asian View On The Ceta Investment Chapter, Locknie Hsu

Research Collection Yong Pung How School Of Law

The Canada-EU Free Trade Agreement (CETA) has been completed and awaits ratification against a backdrop of global economic uncertainty. The Trans-Pacific Partnership Agreement (TPP), which includes five Asian parties among its signatories, has lost the support of the United States and its fate is uncertain as well. The CETA is significant for Asian countries given that one of its parties -- the EU -- has signalled strongly that it wishes to negotiate a number of free trade agreements in the Asian region. The agreement offers valuable insight into the thinking of the EU in terms of investment protection guarantees, its …

The Impact Of The China-Australia Free Trade Agreement On Australia's Education Exports To China: A Legal And Economic Assessment, Junfang Xi, Weihuan Zhou, Heng Wang

Research Collection Yong Pung How School Of Law

As a landmark achievement in the development of the China-Australia bilateral economic relations, the China-Australia Free Trade Agreement (“ChAFTA”) achieves a higher level of liberalisation in education services compared with China's commitments under the World Trade Organisation and its other free trade agreements. However, the ChAFTA fails to relax the major regulatory barriers in China, which will remain the key obstacles to Australia's education services exports to China. Through a preliminary study and a regression analysis of the impacts of the ChAFTA on Australia's education exports to China based on available data, we show that the ChAFTA did not play …