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Internationalbusiness Celebrating 30 Years of Publication! JOURNAL OF THE UNITED STATES COUNCIL FOR INTERNATIONAL BUSINESS SPRING 2008 VOL. XXX, NO. 1 INTERNATIONALBUSINESS Celebrating 30 Years of Publication! Business Action to Stop Counterfeiting and Piracy page 3 Inside Emerging investment challenges 2 Addressing forced labor 4 A passport for goods 9 Vivendi Chairman Jean-René Fourtou and other BASCAP leadersUSCIB meet International in the UnitedBusiness States Spring 2008for the www.uscib.org first time 1to weigh new weapons in the global fight against fake products the first Peter M. Robinson, President and CEO, USCIB word Policy makers must come to terms with both sovereign wealth and subsidized takeovers. New Financial Challenges on the Horizon Government-controlled investors – including sovereign wealth funds and A new study from the United States Council Foundation, USCIB’s research state-owned enterprises – have gained a sizeable influence in international and educational arm, investigates several recent cases of subsidized finance business and finance. The total value of sovereign wealth worldwide already in cross-border M&A transactions, and suggests corrective measures that amounts to several trillions of dollars, and it is expected to multiply many should be taken to head off the possibility of protectionist overreaction to times over during the coming decade. subsidized investments. The paper, “Investment Subsidies for Cross-Border M&A: Trends and Policy Implications,” is authored by Gary Hufbauer and This raises unique public policy issues: sovereign investors may provoke Thomas Moll of the Peterson Institute for International Economics, and national security concerns, spur fears of market volatility and financial in- Luca Rubini of the Birmingham Law School (UK). stability, or generate protectionist pressure on governments. What to do? In recent months, USCIB has been an important forum for discussion of this According to Dr. Hufbauer, who detailed the report’s findings at the National and related issues. Press Club in April, while subsidized M&A or non-transparent sovereign wealth dealings do not pose a “clear and present danger,” they merit thoughtful A two-pronged approach consideration well before a political confrontation occurs. In February, at the Bank of New York Mellon’s Wall Street headquarters, Deputy U.S. Trade Representative John Veroneau spelled out for a USCIB The study examines three recent instances where subsidized finance was audience how the United States is working closely with other countries, both seen or alleged to have played a significant role in an M&A transaction: the those that make and those that receive sovereign investments, to anticipate Chinese state-owned oil firm CNOOC’s bid for Unocal, the purchase of several and manage concerns over sovereign wealth funds. Ingersoll-Rand divisions by Korea’s Doosan Infracore and moves by Electricité de France to expand into a number of new markets abroad. Ambassador Veroneau explained that the U.S. is working with major multilat- eral institutions – including the IMF and the OECD – to develop best practices Dr. Hufbauer and his co-authors contend that subsidized M&A, if not re- for sovereign wealth funds, promote strong international standards of trans- strained by agreed international rules, might breed costly, wasteful emulation parency and corporate governance, and maintain open, transparent, and as well as protectionist sentiment in major markets – not least the United non-discriminatory investment policies among all countries. States – especially when viewed against the sensitivities raised by the growth in sovereign wealth funds. A new OECD report, prepared at the request of G-8 finance ministers, pro- vides policy guidance for recipient countries. A complementary effort in the Move toward a new treaty IMF aims to develop best practices of transparency and accountability for The appropriate response, they say, is to move toward a multilateral compact sovereign wealth funds. Together, these two projects are designed to build on M&A subsidies. Such a pact would be designed to increase government confidence in sovereign investment as a source of much-needed capital, to transparency, while drawing a line around what types of subsidies would keep markets open and to resist financial and investment protectionism. spur review and limiting the types of retaliatory actions governments could use to counter subsidies. The authors suggest this year’s Group of Eight As we go to press, we look forward to May 8, when Deputy Treasury Secre- summit in Japan as an appropriate forum to begin discussions of such a tary Robert Kimmitt is scheduled to review progress on these and related multilateral agreement. issues with USCIB members in New York. We believe this new study highlights an important issue for future consider- A related challenge ation by USCIB members and the policy community. Together with our recent At the same time, the attention of policy makers is likely to turn to a related, programs on sovereign investment, it is yet another example of the way but under-appreciated, issue: subsidized foreign takeovers of U.S. compa- USCIB can serve as your advance-warning mechanism, anticipating tomor- nies. What are the implications when a foreign company, backed by financial row’s issues today. support from its home government, purchases a U.S. firm? And what actions should be taken to ensure a level playing field while maintaining fundamental market openness? Contact Peter Robinson at (212) 703-5046 or [email protected]. 2 USCIB International Business Spring 2008 www.uscib.org cover story New Tools to Fight Counterfeiting and Piracy BASCAP leaders meet in New York with key government officials to plan a joint assault At a March 3 high-level gathering in New York, industry leaders from around the world unveiled new strategies to combat counterfeit- ing and piracy, including a set of urgent recommendations for a global anti-counterfeiting pact being negotiated by major trading countries. The CEOs also announced plans for a ground-breaking consumer ed- ucation campaign that will take a global approach to building aware- ness of the damages caused by counterfeiting and piracy. Top members and allies of BASCAP met in New York. L-R: Andreas Fibig (Pfizer), Michael Senior executives involved in the International Chamber of Com- Keplinger (World Intellectual Property Organization), Pat Heneghan (British American merce’s BASCAP (Business Action to Stop Counterfeiting and Tobacco), Doug Morris (Universal Music), Marc-Antoine Jamet (LMVH), Jean-René Four- tou (Vivendi), Kevin Havelock (Unilever), Michel Danet (World Customs Organization), Piracy) initiative met at the St. Regis Hotel with the U.S. Trade Rep- Jean-François Dehecq (Sanofi-Aventis), Blair Westlake (Microsoft), Bob Wright (General Electric), David Iakobachvili (WBD Foods), Guy Sebban (International Chamber of Com- resentative Susan Schwab, along with top representatives of the merece), Alan Drewsen (International Trademark Association). Not pictured: Nobuyuki World Customs Organization (WCO) and World Intellectual Property Idei (Quantum Leaps) and U.S. Trade Representative Susan Schwab. Organization (WIPO), to agree on joint efforts to tackle counterfeit- Ambassador Schwab stated: “With ACTA we are aiming to set a ing and piracy. The CEOs called on Ambassador Schwab to move new, higher international standard for intellectual property rights quickly towards completing the Anti-Counterfeiting Trade Agree- enforcement, one that addresses today’s challenges. Private-public ment (ACTA) in cooperation with its trading partners, and pledged collaboration is a vital component in the fight against counterfeiting their support to work with WCO and WIPO. and piracy. That’s why we welcome BASCAP’s support and contin- ICC has pushed for business to become more involved in develop- ued input as we move forward.” ing ACTA, which was introduced in October by the U.S., European A Call for G8 Action Union, Japan, Canada, Mexico, South Korea and other countries. BASCAP executives expressed concern that little concrete action The new agreement would focus on filling the gaps not covered has been taken on promises made at G8 meetings in 2006 and by existing multilateral agreements, including stronger enforcement 2007. “Today we are calling on G8 leaders to respond to the rec- measures, improved international cooperation and a strong legal ommendations by BASCAP prior to the Summit in Germany last framework for intellectual property protection. year by taking immediate actions to shut down flagrant counterfeit “It is a positive step and very encouraging that the U.S., EU, Japan markets and to work with us to find appropriate steps on other and many other major developed countries have recognized the recommendations,” said Nobuyuki Idei, BASCAP co-chair, repre- need for a new multilateral agreement dealing with this critical sentative director of Quantum Leaps Corporation and former CEO issue,” said Bob Wright, vice chairman and executive officer of of Sony Corporation. General Electric and co-chair of BASCAP. BASCAP will launch country-based action centers to leverage local business voices and push for tangible actions at the national level. The initiative will begin this year with Canada, Germany, the UK, Russia, China and the United States. Border control will be a critical element in strengthening each coun- try’s intellectual property enforcement regime. Business leaders pledged to support the World Customs Organization’s latest plans to strengthen customs efforts
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