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Advanced Introduction to International Trade Law

Michael J. Trebilcock Joel Trachtman

Written by two leading scholars with 60 years of collective experience in the area, this insightful updated second edition provides a clear and concise introduction to the fundamental components of international trade law, presenting the basic structure and principles of this complex area of law, alongside elucidation of specific GATT and WTO legal rules and institutions. Key updates include references to the most recent cases, decisions and treaty negotiation developments, analysis of populist critiques of international trade law and analysis of new areas including digital trade and security exceptions.
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Trade policy and developing countries

Michael J. Trebilcock Joel Trachtman

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There are four main sources of external revenue for developing countries: exports, FDI, foreign aid, and remittances. Developing country merchandise exports have risen from $599 billion in 1980 to almost $6.9 trillion in 2016. Over this period, developing countries’ share of world merchandise exports rose from about 29 per cent to 57 per cent (however, this increased relative share of world merchandise exports was largely attributable to China).1 In 2016, foreign direct investment flows to developing countries reached $670 billion,2 up from $7.4 billion in 1980, and official development assistance flows (foreign aid) about US $146 billion3 (with about another $40 billion from NGOs).4 Remittances from emigrants from developing countries to relatives and friends in their home countries are currently running at around $500 billion per year.5 Thus, export earnings are by far the most important source of external revenues for developing countries, followed by FDI and remittances; in comparison, the volume of foreign aid is much smaller. International trade is therefore of critical importance to developing countries. However, many developing countries face special challenges in competing in an increasingly global economy, leading to early recognition by GATT members that various dispensations were justified in accommodating their needs within the multilateral trading system. These dispensations permit greater scope for restricting imports to promote infant industries or to address balance of payments problems and as a necessary corollary contemplate non-reciprocal trade concessions by developed countries with respect to products of actual or potential export interest to developing countries...

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