Contents of the volume

2016, Volume 69 - Issue 4

ISSN: 2499-8265
RSS feed citation: At RePEc
Publication date: 13 October 2016

EMERGING MEGA-INTEGRATION BLOCS: LIMITS AND PROSPECTS

Miroslav N. Jovanovic

Read the article

WHY ISN'T EUROPE GROWING?

Matti Viren

Read the article

EMU AND THE ANCHORING OF INFLATION EXPECTATIONS

David Mayes, Maritta Paloviita, Matti Viren

Read the article

INTERNATIONAL EVIDENCE ON THE FINANCIAL KUZNETS CURVE

Imad Moosa

Read the article

COMPARISON OF THE FUNDAMENTAL AND MONETARY MODELS OF THE DETERMINANTS OF THE ARGENTINE PESO/US DOLLAR EXCHANGE RATE

Yu Hsing

Read the article

THE IMPACT OF RECENT CRISIS ON THE REAL ESTATE MARKET IN THE UAE: EVIDENCE FROM ASYMMETRIC METHODS

Safa Al-Mohana, Abdulnasser Hatemi-J

Read the article

WHAT DRIVES LONG-RUN ECONOMIC GROWTH? EMPIRICAL EVIDENCE FROM SOUTH AFRICA

Themba Chirwa, Nicholas Odhiambo

Read the article

Genoa Chamber of Commerce
Economia Internazionale / International Economics

< Back

Corresponding author

Miroslav N. JOVANOVIC, Global Studies Institute, University of Geneva, Switzerland

Emerging Mega-Integration Blocs: Limits and Prospects

Pages

271-316

Abstract

The emergence of new mega-integration blocs is an important current feature of the global economic system. The United States, the European Union and Japan intend to set on their own terms new rules for trade, investment and settlement of disputes for the coming generation. All other players will have to accept these rules (capitulate) or be excluded from their potential benefits. However, this has the potential to backfire as important excluded players such as China may create a parallel system. The whole rules-setting process in the emerging mega blocs is both obscure and held captive by big corporations that tailor rules according their needs. Disenfranchised people in this process are treated not as citizens but as consumers, hence a lot of public resentment towards these emerging mega blocs. The planned arcane, ad hoc and private dispute settlement mechanisms are monumentally controversial. The ratification processes of the new mega deals are expected to have long, rough and uncertain journeys which could well end up running off the rails.

JEL classification

F10, F13, F15, F50

Keywords

TPP, TTIP, US, EU, China, Corporations, ISDS, Ratification

Index

  1. Introduction
  2. Trans-Pacific Partnership
  3. Transatlantic Trade and Investment Partnership
  4. Regional Comprehensive Economic Partnership
  5. Tripartite Free Trade Area
  6. Conclusions

Bibliography

Andesson, R. and M. Nordquist (2016), “TTIP: ‘Reform’ of Investor Dispute Settlement Clause not Enough”, EurActiv, 7 January.
Bagwell, K. and R. Staiger (2016), “The Design of Trade Agreements”, NBER Research Paper 22087.
Baldwin, R. (2016), “The World Trade Organization and the Future of Multilateralism”, Journal of Economic Perspectives, 30(1), 95-116.
Barbiere, C. (2016), “Farmers Fear for their Future as new TTIP Round Opens”, EurActiv, 18 February.
Bartl, M. (2016), “TTIP’s Regulatory Cooperation and the Future of Precaution in Europe”, Amsterdam Law School Legal Studies, Research Paper No. 2016-07.
Brown, C. (2016), “What’s Left for the WTO?”, CESifo Working Paper No. 5703.
Brown, R. (2016), “Mega-regionalism”, University of Hawai’i Law School, Honolulu. Mimeo.
Carrere, C., A. Grujovic and F. Robert-Nicoud (2015), “Trade and Frictional Unemployment in the Global Economy”, Centre For Economic Policy Research, No. 10692.
Chaffin, J. (2013), ‘Report Snags EU-US Pact Hopes’, Financial Times, 1 July,
Chassany, A. and M. Stothard (2016), “France Gets Tough on Corporate Espionage”, Financial Times, 9 May.
Cimino-Isaacs, C. and J. Schott (Eds)(2016), Assessing the Trans-Pacific Partnership – Volume 1: Market Access and Sectoral Issues, Peterson Institute for International Economics: Washington, DC.
Ciuriak, D. and J. Xiao (2015), “Quantifying Mega-regional Spillovers on Excluded Countries: Impacts on Africa”, Ciuriak Consulting, Research Report, 3 September.
Ciuriak, D., A. Dadkhah and J. Xiao (2016), “Taking the Measure of the TPP as Negotiated”, Ciuriak Consulting, Working Paper, 4 March.
Connolly, K. (2015), “European Union in Danger from Forces that Want to Drive us Apart”, The Guardian, 8 December.
Dearden, N. (2015), “If you’re Worried about TTIP, then you Need to Know about CETA”, The Independent, 29 September.
Dearden, N. (2015), “TTIP is already Letting Big Business Shape our Laws”, The Independent, 19 October.
Dearden, N. (2016), “TTIP Symbolises the Worst of Global Capitalism. Cameron Pushes it at His Peril”, The Guardian, 20 May.
de Gucht, K. (2014), “The Transatlantic Trade and Investment Partnership: Where do we Stand on Hottest Topics in the Current Debate?”, European Commission, Lecture at Atlantikbrücke, Dusseldorf, 22 January. 
Durden, T. (2015), “Corporations Win Again: Senate Passes Obamatrade Fast-Track Bill”, Zerohedge, 23 June.
Economic Commission for Africa (2004), Assessing Regional Integration in Africa, Economic Commission for Africa: Addis Abeba.
Economic Commission for Africa (2012), Assessing Regional Integration in Africa V, Economic Commission for Africa: Addis Abeba.
The Economist (2014), “Not Floating, but Flailing”, 5 July.
Elliott, L. (2016), “TTIP has been Kicked into the Long Grass”, The Guardian, 3 May.
Eraz, S. (2014), ‘Turkey to Suspend EU Customs Agreement if Isolated from Talks”, The Daily Sabah, 11 November.
EurActiv (2015), “TTIP a Threat to EU Chemical Safety Standards”, 25 June.
EurActiv (2015), “TTIP’s Regulatory Maze”, 29 June.
EurActiv (2015), “France Threatens to Pull out of TTIP Negotiations”, 29 September.
EurActiv (2016), “TTIP: The Downfall of EU Agriculture?”, 12 January.
EurActiv, (2016), “GMOs and Pesticides could be Tolerated in Organic Food under New EU Rules”, 11 February. 
European Commission (2016), Trade SIA on the Transatlantic Trade and Investment Partnership (TTIP) between the EU and the USA, DG Trade and ECORYS: Luxembourg.
Francois, J. (2013), “Reducing Transatlantic Barriers to Trade and Investment”, Centre For Economic Policy Research (TRADE 10/A2/A16).
Freund, C. (2016), Other New Areas: Customs Administration and Trade Facilitation, Anticorruption, Small and Medium-sized Enterprises and More, in: C. Cimino-Isaacs, J. Schott (Eds), “Assessing the Trans-Pacific Partnership – Volume 1: Market Access and Sectoral Issues”, Peterson Institute for International Economics: Washington, pp. 66-71.
Gallagher, P. (2016), “TTIP: Big Business and US to Have Major Say in EU Trade Deals, Leak Reveals”, The Independent, 17 March.
Gathii, J. (2010), “African Regional Trade Agreements as Flexible Legal Regimes”, North Carolina Journal of International Law and Commercial Regulation, 35(3), 571-668.
Hilary, J. (2015), “I didn’t Think TTIP could get any Scarier, but then I Spoke to the EU Official in Charge of it”, The Independent, 10 December.
Hufbauer, G. (2016), “Investor-state Dispute Settlement”, Assessing the Trans-Pacific Partnership, Peterson Institute for International Economics, PIIE Briefing 16-1, pp. 109-119.
Hufbauer, G. and C. Cimino-Isaacs (2016), “Why the Trans-Pacific Partnership isn’t a Bum Deal?”, Peterson Institute for International Economics, 5 February.
Inman, P. (2015), “Prospect of TTIP already Undermining EU Food Standards”’, The Guardian, 18 October.
International Centre for Trade and Sustainable Development (2011), “Egypt-to-South Africa Free Trade Zone on the Move”, 15 June.
Jacobsen, H. ‘(2016), “EU Trade Chief Tells Consumers not to Worry about TTIP”, EurActiv, 26 January.
Johnson, L. and L. Sachs (2015), “The TPP’s Investment Chapter”, Columbia Center on Sustainable Development, CCSI Policy Paper, November.
Jovanovi?, M. (2015), The Economics of International Integration, Edward Elgar: Cheltenham.
Jovanovi?, M. (2016), “Investor-state Dispute Settlement System in Emerging Mega Integration Blocs”, Australian Economic Review, forthcoming.
Krugman, P. (2014),  “No Big Deal”, New York Times, 28 February.
Lee, T. (2015), “TTIP must Protect Jobs, Workers and Public Services”, Intereconomics, 50(6), 317-321.
Limao, N. (2016), “Preferential Trade Agreements”, NBER Working Paper 22138.
Lipsey, R.G. (2004), “Some Plusses and Minuses of Globalisation”, Simon Fraser University, Department of Economics. Mimeo.
Lipsey, R.G. and M. Smith (2011), Multilateral versus Regional Trading Arrangements: Substitutes or Complements?, in: M. Jovanovi? (Ed.), “International Handbook on the Economics of Integration: General Issues and Regional Groups”, Edward Elgar: Cheltenham, pp. 90-120.
Malström, C.  (2016), TTIP: What Consumers Have to Gain, Speech at TACD Multi-Stakeholder Forum, Brussels, 26 January.
Michalopoulos, S. (2016), “Greece to block TTIP unless Geographical Indications are Protected”, EurActiv, 17 May.
Mustilli, F. (2015), “Estimating the Economic Gains of TTIP”, Intereconomics, 50(6), 321-327.
Neumayer, E., P. Nunnenkamp and M. Roy (2016), “Are Stricter Investment Rules Contagious? Host Country Competition for Foreign Direct Investment through International Agreements”, Review of  World Economics, 152(1), 177-213.
Nielsen, N. (2016), “TTIP Investor Court Illegal, Say German Judges”, EUobserver, 4 February.
Novinite (2014), “Bulgaria Will Not Sign TTIP Unless US Lifts Visa Requirements”, 26 November 2014.
Oxford Analytica (2016), “TPP will Unsettle East Asia’s Regional Relations”, 7 October.
Pelkmans, J. (2015), “TTIP: Definition, Rationale and Significance”, Intereconomics, 50(6), 312-317.
Petri, P. and M. Plummer (2016), “The Economic Effects of the Trans-Pacific Partnership: New Estimates”, Peterson Institute of International Economics, Working Paper WP 16-2.
Posen, A. (2014), “This is Japan’s Chance to Lead TPP Talks”, Nikkei Asian Review, 18 April.
Prestowitz, C. (2012), “The Hidden Truth behind Japan’s Free and Open Market”, Financial Times, 18 May.
Rankin, J. (2016), “Doubts over TTIP as France Threatens to Block EU-US Deal”, The Guardian, 3 May.
Sauvant, K. (2016), The Evolving International Investment Law and Policy Regime: Ways Forward. E15 Task Force on Investment Policy – Policy Options Paper, International Centre for Trade and Sustainable Development (ICTSD) and World Economic Forum: Geneva.
Schott, J.  and C. Cimino-Isaacs (Eds)(2016), Assessing the Trans-Pacific Partnership – Volume 2: Innovations in Trading Rules, Peterson Institute for International Economics: Washington, DC.
Shen, X. (2013), “Private Chinese Investment in Africa”, The World Bank Policy Research Working Paper No. 6311.
Siziba, C. (2016), “Trade Dispute Settlement in the Tripartite Free Trade Area”, World Trade Institute of the University of Bern, Working Paper No. 02/2016.
Skovgaard Poulsen, L., J. Bonnitcha and J. Webb Yackee (2013), Costs and Benefits of an EU-USA Investment Protection Treaty, London School of Economics – Enterprise: London.
Smith, A. (2005 [1776]), An Inquiry into the Nature and Causes of the Wealth of Nations, A Penn State Electronic Classics Series Publication: Hazleton, PA.
Stiglitz, J. (2013), “Developing Countries are Right to Resist Restrictive Trade Agreements”, The Guardian, 8 November.  
Stiglitz, J. (2014), “On the Wrong Side of Globalization”, New York Times, 15 March.
Stiglitz, J. (2016), “In 2016, Let’s Hope for Better Trade Agreements and the Death of TPP”, The Guardian, 10 January.
Stratfor (2008),  “Africa: The limits of a New Trading Bloc”, 23 October.
Todo, Y. (2015), “How TPP will Change the Japanese Economy”, VOX, 24 December 2015.
Traynor, I. (2015), “European Disunion: Tsipras, Merkel and the Conflict at the Heart of the EU”, The Guardian, 3 February.
von Daniels, J. and M. Orosz (2016), “Berlin: 35 Square Metres of TTIP Transparency”, EUobserver, 1 February.
Weisman, J. (2015), “Deal Reached on Fast-track Authority for Obama on Trade Accord”, New York Times, 16 April.
The White House (2015), Economic Report of the President, The White House: Washington, DC.
Winters, A. (2014), “The Problem with TTIP”, VOX, 22 May.