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Master of European Studies, MES University of Zagreb, 2007 GLOBALISM AND REGIONALISM: ECONOMIC ASPECTS

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Master of European Studies, MES University of Zagreb, 2007 GLOBALISM AND REGIONALISM: ECONOMIC ASPECTS

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    1. Master of European Studies, MES University of Zagreb, 2007 GLOBALISM AND REGIONALISM: ECONOMIC ASPECTS Višnja Samardžija, PhD Institute for International Relations - IMO visnja.samardzija@irmo.hr

    2. Content of presentation Global and regional interdependence: the context of European challenge Europe and multipolar world Shift from tripolar to multipolar world? Defining the economic integration Basic concepts of regional integration Best practices, discussion

    3. Twin forces of regionalism and globalisation Two principle dynamic forces in world economic development Regionalism: closer integration links between nation-states Globalisation: highest form of internationalised economic activity

    4. Global security structures (OSCE, NATO, PfP) Global trade structure (WTO) International monetary institutions (IMF, WB, EBRD, other) Regional economic integration (EU, NAFTA, APEC) Sub-regional integration (CEI, BSEC, CBSS, other) Globalisation vs. regionalism

    5. Towards multipolar structure of world economic superpowers Tripolar structure of world economy or shift towards multipolar world? Global security and trade structures The role of WTO The rise of the “new competiton” (NICs) The new techno-industrial paradigms Information technology, biotechnology, nanotechnology, management of knowledge and human resources, other?

    7. WTO and world trade system WTO – international organisation that sets global rules of trade between nations (1995) Established within GATT framework, result of Uruguay round 151 member (July 2007) + 25 negotiating countries (80% world trade) WTO agreements - core of WTO system, lay down legal ground for international trade Ministerial Conference – highest decision making body, meetings every two years Settle (1999); Doha (2001 – DDA); Cancun (2003), Hong Kong (2005) General Council, specialised councils, WGs, WPs, WTO Secretariat (Geneva) WTO established within GATT framework, result of Uruguay round (1986-94) GATS, NTB, TRIPs, TRIMs Current round MTN: Doha Development Agenda (DDA)

    8. WTO “new” issues on agenda Enhanced and better trade rules TRIPS, TRIMS, IPR – new mechanisms and principles Trade facilitation Investment competition, transparency in government procurement, electronic commerce (“Singapore issues” ?) Agriculture Market access for services Trade and environment WTO rules – anti dumping, subsidies, regional trade arrangements Clarifying and improving discplines in RTA

    9. GATT / WTO main principles WTO framework Non- discriminatory trade MFN – Most favoured nation clause (reciprocity) National treatment clause Multilateral negotiation and free trade Achievements: multilateral reductions of trarrifs, expanding number of trade-related issues concerning impediments to trade The prohibition of quantitative reductions Exception to the “MFN” rule for RTA (article XXIV)

    10. EU and WTO EU is one of the key players in the WTO As a global trading power and the world's largest market, Europe's trade policy is an important instrument for shaping the economic world Legal basis: Article 133, TEU (EU’s trade policy) European Commission: negotiates trade policy on behalf of 27 MSs Negotiator: EU Commissioner PeterMandelson

    11. Croatia and WTO Preparations for membership started in 1993. Memorandum o external trade system in Croatia + additional questions Harmonisation of trade, customs and fiscal system with the WTO rules confirmed Protocol on accession to WTO, ratification Membership in WTO – 2000.

    12. Regionalisation Regional trade agreements (RTAs): contribute to economic welfare and political stability Growth of regionalism: over 200 of RTDs are operating, dozens more in making Preferential agreements continue to multiply, stable equilibrium? Overlaping RTD: tendency in mulitaletalising Key features of operating RTAs effects on trade and on new economic opportunities impacts on multilaterally based trading relationships (bilding new protectionist structures?) Best practices Tendency of multilateralising RTD, expanding them into larger entities, collapsing them closer to multilateral system , forces of interest?

    13. . New tendencies in the world trade: Regional Trade Agreements (RTAs)

    14. Three dimensions of integrating into world economy Global dimension: WTO European dimension: EU Regional dimension: Southeastern Europe

    15. Defining the economic integration Process Partnership Group of countries Common goal Liberalisation /free movement Consultations /coordination Common bodies / institutions Common policies

    16. Concepts of regional integration Key concepts (Balassa) Preferential trade arrangement Free trade area (FTA) Customs union Common internal market Economic and monetary union (EMU) Economic and political union (EPU)

    17. Free trade area - FTA Preferential trade arrangement Eliminination of tariff and quota restrictions on exports Retaining the ability of formulating own external trade policy (tariffs) Trade deflection possible Rules of origin

    18. Customs union Arrangement built on a structure of FTA (internal) with the adoption of common external tariff (CET) CU = FTA + CET CU solves the problem of trade deflection (partly) Example: European Communities (CU completed in 1968)

    19. Common / internal market Elimination of remaining barriers and trade impediments Same rights of establishment for business Freedom of movement of factors of production (goods, services, capital, people) Close cooperation in dfifferent area Example: EC common market; EU internal market

    20. Economic and monetary union Higher form of intergration Adoption of common currency by member states Closer cooperation in variety of economic policies, stronger economic co-responsibility Macroeconomic criteria Common supranational institutions (central bank)

    21. Economic and political union (EPU) Final stage of regional integration Transition to federal union between the member states Common political institutions Loosing national sovereignty Common citizenship Example: USA

    22. EU and the world economy Growth forecast EU 2007: 2.7% GDP of 11,000 bn Euro (2006) Bigger than USA 2 times bigger than Japan 5 times bigger than China Global exports 2006: EU and global competitors EU: 38.9% USA: 8.7% Japan: 5.3% Employment in R&D intense industries EU 6.9% USA 4.9%

    23. Positive & negative integration (Tinbergen) Negative integration Eliminating certain obsatcles or impediments to integration Example: deregulation of admninistrative rules, harmonisation Positive integration Creating harmonised conditions for improved integrational co-ordination Example: development of common institutions and policies

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