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Theory of Economic Integration

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Theory of Economic Integration Theory of Economic Integration Preferential Trade Agreements and the Multilateral Trade System European Union integration Dr hab. Katarzyna Śledziewska Outline • Regional Trade Agreements and WTO rules • Landscape of regionlism • EU integration - stages Dr Katarzyna Śledziewska WTO rules The GATT • The princeple of non-discrimination – central conception • Recognised the importance and value of economic integration between countries Regionalism - the most significant exception to WTO’s principal of non- discrimination Three sets of rules in the WTO permit the creation of RTAs: 1. Article XXIV of the GATT 2. the “Enabling Clause 3. Article V of the General Agreement on Trade in Services (GATS) WTO rules • Article XXIV of the GATT – lays down conditions for the establishment and operation of free trade agreements and customs unions covering trade in goods – Paragraph 4 • „the purpose of a customs union or of a free-trade area should be to facilitate trade between the constituent territories and not to raise barriers to the trade of other contracting parties with such territories” WTO rules • Article XXIV of the GATT – Paragraph 8 • Definitions – A customs union » substitution of a single customs territory for two or more customs territories » duties and other restrictive regulations of commerce are eliminated substantially » the same duties and other regulations of commerce are applied by each of the members of the union – A free-trade area » a group of two or more customs territories in which the duties and other restrictive regulations of commerce are eliminated on substantially all the trade between the constituent territories in products originating in such territories . WTO rules • Article XXIV of the GATT – Paragraph 8 •„duties and other restrictive regulations of commerce are eliminated with respect to substantially all the trade between the constituent territories of the union ” •„substantially the same duties and other regulations of commerce are applied by each of the members of the union to the trade of territories not included in the union ” WTO rules • Article XXIV of the GATT – Paragraph 8 „substantially all the trade ” • It is commonly accepted that – agriculture is excluded (EFTA) – or only included selectively (EU with Mediterrean coutries – Questions, doubts • „substantially all the trade” – 100% or 90% ? • an exception to MNF – allowed as long as it is total (100 percent of trade) rather than partial (20 percent preference for parnet country) WTO rules • Article XXIV of the GATT – Paragraph 5 •„the duties and other regulations of commerce (…) shall not on the whole be higher or more restrictive than the general incidence of the duties and regulations of commerce applicable in the constituent territories prior to the formation of such union or the adoption of such interim agreement ” • Interim agreements are also possible, provided they lead to a FTA (CU) within a „reasonable” time WTO rules • the “Enabling Clause”, – formally the 1979 Decision on Differential and More Favourable Treatment, Reciprocity and Fuller Participation of developing Countries , – permits regional agreements among developing countries on trade in goods • The provisions of paragraph 1 apply to referential tariff treatment accorded by developed contracting parties to products originating in developing countries in accordance with the Generalized System of Preferences • de facto unlimited discretion to conclude incomplete preferential agreements or any kind of FTAs WTO rules • Article V of the General Agreement on Trade in Services (GATS) – Economic integration – establishes conditions that permit liberalization of trade in services among regional partners – for both developed and developing countries – provides for the absence or elimination of substantially all discrimination between or among the parties through: • elimination of existing discriminatory measures, and/or • prohibition of new or more discriminatory measures , WTO rules • Article XXIV p. 10 – The CONTRACTING PARTIES may by a two-thirds majority approve proposals which do not fully comply with the requirements of paragraphs 5 to 9 inclusive, provided that such proposals lead to the formation of a customs union or a free-trade area in the sense of this Article Dr Katarzyna Śledziewska WTO rules • Article XXV p. 5 – In exceptional circumstances not elsewhere provided for in this Agreement, the CONTRACTING PARTIES may waive an obligation imposed upon a contracting party by this Agreement; Provided that any such decision shall be approved by a two-thirds majority of the votes cast and that such majority shall comprise more than half of the contracting parties. Dr Katarzyna Śledziewska WTO rules • Other non-generalized preferential schemes – non-reciprocal preferential agreements – involving developing and developed countries – require Members to seek a waiver from WTO rules • require the approval of three quarters of WTO Members. – the US — Caribbean Basin Economic Recovery Act (CBERA),he CARIBCAN agreement – Canada offers duty-free non-reciprocal access to most Caribbean countries – Turkey-Preferential treatment for Bosnia-Herzegovina – the EC-ACP Partnership Agreement. Dr Katarzyna Śledziewska Outline • Regional Trade Agreements and WTO rules • Landscape of regionlism • EU integration - stages Dr Katarzyna Śledziewska Average number of PTAs in force per country, 1950- 2010, notified and non-notified PTAs, by country group Dr Katarzyna Śledziewska Cumulative number o f intra- and c ross-regional PtAs in force, 1950-2010, notified and non-notified PtAs Dr Katarzyna Śledziewska Total and average number of PTAs in force, 2010, notified and non-notified PTAs, by region, regional type and country group Dr Katarzyna Śledziewska “Network” of PTAs in force, 2010, notified and non- notified PTAs, by region Dr Katarzyna Śledziewska Cumulative number of bilateral PTAs and types of plurilateral PTAs in force, 1950-2010, notified and non-notified PTAs Dr Katarzyna Śledziewska Number of bilateral PTAs and types of plurilateral PTAs in force, 2010, notified and nonnotified PTAs, by country group and regional type Dr Katarzyna Śledziewska Type of PTAs in force, 2010, notified and non-notified PTAs Dr Katarzyna Śledziewska Cumulative number of PTAs, 1950-2010, notified and non-notified PTAs, by scope of coverage Dr Katarzyna Śledziewska Participation of different types of RTA by country pairs, 1995-2009, % www.wto.org Dr Katarzyna Śledziewska Participation of different types of RTA by country pairs, 1995-2009, changes Źródło: Opracowanie własne na podstawie danych WTO; www.wto.org data wejścia 29 maja 2011 Dr Katarzyna Śledziewska Participation of different types of RTA by country pairs by continrnts, 2009 Źródło: Opracowanie własne na podstawie danych WTO; www.wto.org data wejścia 29 maja 2011 Dr Katarzyna Śledziewska Formation of customs union in Europe. Tariff reduction. 01.01.1958 Treaty of Realisation Rome Manuf. Agricul. 01.01.1962 30% 40% 35% 01.01.1966 60% 80% 70% 31.12.1969 100% 100% 100% 01.07.1968 01.01.1968 Outline • Regional Trade Agreements and WTO rules • Landscape of regionlism • EU integration - stages Dr Katarzyna Śledziewska EU AND INTEGRATION PROCESS internal external Part of European WTO integration process RTAs Economic integration in the EU • The Treaty of Rome was a far-reaching document: it laid out virtually every aspect of economic integration implemented up to the 1992 Maastricht Treaty. • The Treaty’s intention was to create a unified economic area = an area where firms and consumers located anywhere in the area would have equal opportunities to sell or buy goods throughout the area, and where owners of labour and capital should be free to employ their resources in any economic activity anywhere in the area: – “4 freedoms”: goods, service, workers and capital; – common policies where necessary. Main elements of economic integration in the EU • Free trade in goods: – eliminate tariffs, quotas and all other trade barriers. • Common trade policy with the rest of the world: – Customs Union to trade deflection. • Ensuring undistorted competition (to avoid “deals” that offset trade barrier removal): – state aids are mostly prohibited; – anti-competitive behaviour regulated by Commission; – approximation of laws (i.e., harmonization); – taxes (weak restrictions but no explicit harmonization). Main elements of economic integration in the EU • Unrestricted trade in services: – principle of freedom of movement of services, but implementation has been hard. • Labour and capital market integration: – free movement of workers; – free movement of capital in principle but many loopholes; very little capital-market liberalization until the 1980s . • Exchange rate and macroeconomic coordination. • Common policy in agriculture: – set up in 1962, agriculture was much more important than it is today (e.g., about a third of French population was involved in agriculture in 1950s; today less than 5%). Omitted elements of economic integration in the EU • Social policy: social harmonization very difficult politically: – nations have very different opinions on what types of social policies should be dictated by the government; – it is not as an exchange of concessions. • Also, not clear that European economic integration demands harmonization of social policies: – national wage would adjust to offset any unfair advantage; • if lower social standards meant lower production costs, long term result would be higher wages that offset the advantage. •Tax policy: like social policies, tax
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