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Research Collection Yong Pung How School Of Law

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Full-Text Articles in International Trade Law

China’S Bilateral Investment Treaties, Heng Wang Jan 2021

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 Jan 2021

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 Jan 2021

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 Oct 2020

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 Oct 2020

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 Sep 2020

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 Sep 2020

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 Sep 2020

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 …


Diversity Of Shareholder Stewardship In Asia: Faux Convergence, Gen Goto, Alan K. Koh, Dan W. Puchniak May 2020

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 May 2020

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 Jan 2020

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 Dec 2019

‘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 Nov 2019

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 Oct 2019

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 …


Severance By Unilateral Declaration: Lessons From Singapore, Alvin W. L. See Jun 2019

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 Jun 2019

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 Jun 2019

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 Mar 2019

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 Jan 2019

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 Jan 2019

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 Dec 2018

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 …


Against Populist Isolationism: New Asian Regionalism And Global South Powers In International Economic Law, Pasha L. Hsieh Dec 2018

Against Populist Isolationism: New Asian Regionalism And Global South Powers In International Economic Law, Pasha L. Hsieh

Research Collection Yong Pung How School Of Law

This article provides the most up-to-date examination of the Regional Comprehensive Economic Partnership (RCEP), which is poised to become the world’s largest free trade agreement (FTA). It argues that the 16-country mega-FTA will galvanize the paradigm shift in Asian regionalism and build a normative foundation for the Global South in international economic law. Based on intertwined theoretical and substantive claims, this article opens an inquiry into the assertive legalism of developing nations in the new regional economic order. It further manifests the pivotal force of emerging economies against populist isolationism in the Trump era that undermines the neoliberal foundation of …


Asean Financial Integration And The Belt And Road Initiative: Legal Challenges And Opportunities For China In Southeast Asia, Christopher C. H. Chen Sep 2018

Asean Financial Integration And The Belt And Road Initiative: Legal Challenges And Opportunities For China In Southeast Asia, Christopher C. H. Chen

Research Collection Yong Pung How School Of Law

This chapter explores the legal challenges to Chinese financial institutions in Southeast Asia against the backdrop of China’s grand ‘Belt and Road Initiative’ (BRI) and the establishment of the Association of Southeast Asian Nations (ASEAN) Economic Community. Banking and finance play important roles in promoting trade, investment and infrastructure projects. The development of ASEAN, an immense economic bloc located immediately south of China, will have an enormous effect on the BRI strategy. This chapter outlines the current development of financial integration within ASEAN with respect to the bloc’s banking and insurance sectors. It also considers the legal obstacles and potential …


Dictum On Dicta: Obiter Dicta In Wto Disputes, Henry S. Gao Jul 2018

Dictum On Dicta: Obiter Dicta In Wto Disputes, Henry S. Gao

Research Collection Yong Pung How School Of Law

This paper discusses an important legal issue raised by the United States in its recent attempt to block the reappointment of an Appellate Body member. According to the US, in some of his decisions, the member has made overreaching findings that amount to obiter dicta. As obiter dictum is a unique concept in the Common Law system, the US argument may only stand if the concept may be found in the WTO legal system as well. With a careful analysis of the concept of dicta in Common Law and a close examination of the effects of past panel and Appellate …


How May China Respond To The U.S. Trade Approach? Retaliatory, Inclusive And Regulatory Responses, Heng Wang Jun 2018

How May China Respond To The U.S. Trade Approach? Retaliatory, Inclusive And Regulatory Responses, Heng Wang

Research Collection Yong Pung How School Of Law

This paper endeavours to conceptualize and provide an analytical framework for China’s response to U.S. trade policy. It analyses the following questions: what is the new U.S. trade approach? How might China respond to the United States’ trade approach? What are the trend and implications of China’s response to the U.S. trade approach? It argues, first, that the U.S. trade approach has not changed regarding most of the U.S.-style regulatory disciplines. However, it has changed in terms of the shift toward managed trade, unilateralism and trade enforcement. Second, China will likely adopt a three-track approach: consisting of retaliatory, inclusive and …


Digital Or Trade? The Contrasting Approaches Of China And Us To Digital Trade, Henry S. Gao Jun 2018

Digital Or Trade? The Contrasting Approaches Of China And Us To Digital Trade, Henry S. Gao

Research Collection Yong Pung How School Of Law

With the growing importance of the internet, digital trade, or electronic commerce, has become a key issue in international trade regulation. As the home to some of the largest internet companies in the world, the United States took the lead in bringing the issue into the WTO and has been the leading proponent on the issue. In contrast, the developing countries were quite sceptical and reluctant to engage on discussions on the issue. Recently, however, several developing countries has changed their positions and become more active participants. Chief among them is China, which has raised some interesting proposals both within …


Global Reform Of Investor-State Arbitration: A Tentative Roadmap Of China’S Emergent Equilibrium, Mark Mclaughlin Jun 2018

Global Reform Of Investor-State Arbitration: A Tentative Roadmap Of China’S Emergent Equilibrium, Mark Mclaughlin

Research Collection Yong Pung How School Of Law

Investor-State arbitration is in a state of flux. In recent years, doubts about its adequacy have become apparent: questions of coherence, consistency, legitimacy, and utility have rendered fragile the central place of investor-State arbitration in global foreign direct investment (FDI) governance. Three threads of reform have been advanced as a corrective to these deficiencies, encompassing incremental reform, institutional reform, and fundamental reform. China is perhaps the most influential nation not to have declared a preference for one future or another. For over a decade, the Chinese approach to investor-State arbitration has been in a state of disequilibrium: bilateral investment treaties …


The Wto Transparency Obligations And China, Henry S. Gao Feb 2018

The Wto Transparency Obligations And China, Henry S. Gao

Research Collection Yong Pung How School Of Law

When it acceded to the WTO in 2001, China accepted comprehensive transparency obligations as well as substantive commitments covering both market access and rules issues. Initially designed to deal with its opaque trade law regime, the transparency obligations were also expected to help democratize the legislative process and promote the development of the rule of law in China. Now that more than 15 years have passed, an important question is: have the transparency obligations delivered on their original promise? This article answers the question by reviewing how the transparency obligations have worked in practice. It notes that, while transparency has …


Regulation Of Digital Trade In Us Free Trade Agreements: From Trade Regulation To Digital Regulation, Henry S. Gao Feb 2018

Regulation Of Digital Trade In Us Free Trade Agreements: From Trade Regulation To Digital Regulation, Henry S. Gao

Research Collection Yong Pung How School Of Law

This article reviews the evolution of rules on digital trade in US Free Trade Agreements (US FTAs), and argues that the US approach has shifted from treating it largely as a traditional trade issue to recognizing its unique digital nature and tailoring the rules accordingly, as it has done in the Trans-Pacific Partnership (TPP) Agreement. The article begins with a review of the efforts to regulate e-commerce in the WTO, as well as the achievements of the pre-TPP US FTAs so far, followed by a critical appraisal of the strengths and weaknesses of the e-commerce chapter in the TPP. It …


The Wto Transparency Obligations And China, Henry S. Gao Feb 2018

The Wto Transparency Obligations And China, Henry S. Gao

Research Collection Yong Pung How School Of Law

When it acceded to the WTO in 2001, China accepted comprehensive transparency obligations as well as substantive commitments covering both market access and rules issues. Initially designed to deal with its opaque trade law regime, the transparency obligations were also expected to help democratize the legislative process and promote the development of the rule of law in China. Now that more than 15 years have passed, an important question is: have the transparency obligations delivered on their original promise? This article answers the question by reviewing how the transparency obligations have worked in practice. It notes that, while transparency has …