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Emerging Mega International Blocs: Limits and Prospects

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  • Jovanović, Miroslav

    (Sustainable Transport Division, United Nations Economic Commission for Europe)

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. Accordi di mega-integrazione emergenti: limiti e prospettive Il nascere di nuovi accordi di mega-integrazione è una caratteristica di rilievo del mercato economico globale. Gli Stati Uniti, l’Unione Europea e il Giappone vogliono stabilire autonomamente nuove regole future inerenti il commercio, gli investimenti e la risoluzione della controversie. Tutti gli altri soggetti dovranno accettare (o meglio subire) queste regole o saranno esclusi dai potenziali benefici. Tutto ciò può potenzialmente ritorcersi contro, in quanto importanti soggetti, come la Cina, potrebbero creare un sistema parallelo. Inoltre, l’intero processo normativo di questi accordi non è trasparente ed è gestito dalle grandi multinazionali che stabiliscono le regole a seconda delle loro necessità. In questo processo le persone non hanno diritti e non sono trattate da cittadini ma da consumatori, il che causa l’avversione delle popolazioni alla nascita di questi accordi. Il sistema di risoluzione delle dispute è controverso perché oscuro e creato ad hoc. Il processo di ratifica di questi nuovi mega accordi sarà lungo ed incerto e potrebbe anche finire fuori controllo.

Suggested Citation

  • Jovanović, Miroslav, 2016. "Emerging Mega International Blocs: Limits and Prospects," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 69(4), pages 271-316.
    • Handle: RePEc:ris:ecoint:0782
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    References listed on IDEAS

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    More about this item

    Keywords

    TPP; TTIP; US; EU; China; Corporations; ISDS; Ratification;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration
    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General

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