Introduction to International Trade Law Aims and Objectives The seminar discusses the general background and main sources of International Trade Law. It covers issues such as the legal principles and doctrines, basic principles governing international organizations, international monetary relations, investment and competition, sustainable development, the New International Economic Order/Washington Consensus, and regional economic integration. Essential readings - A. Segura-Serrano, ‘International economic law at a crossroads: global governance and normative coherence’ (2014) 27(3) Leiden Journal of International Law, 677-700. Further suggested readings - K. Alexander, ‘International economic law and macro-prudential regulation’ in Thomas Cottier, Rosa M. Lastra and Christian Tietje (eds), The Rule of Law in Monetary Affairs. World Trade Forum (CUP 2014) Chapter 20. - F.J. Garcia, Global Justice and International Economic Law. Three Takes (CUP 2013) Chapter 1. First hour on campus: acquisition Active learning - On campus 1h session Learning activities INVESTIGATION AND DISCUSSION (No weight is assigned in the first lecture) ‘Critically discuss the role of International Trade Law in the globalized world.’ - Online 1h session PRACTICE & COMPETITION (Test/quiz) - What is the meaning of International Economic and Trade Law? - What is the link between law reform and legal transformation? - Are law reforms dependent on economic reforms or vice versa? - Which institutions are key in international economic governance?

The WTO architecture: GATT Agreement, GATS Agreement and TRIPS Agreement Aims and Objectives The aim of this seminar is: (1) to discuss the institutions and multilateral treaties regulating International Trade Law- WTO (GATT and GATS); (2) to demonstrate knowledge of the underlying principles governing the WTO multilateral trading system. It also examines the Trade-Related Aspects of Intellectual Property Rights (TRIPS) agreement. The TRIPS Agreement has been in force since 1995 and is to date the most comprehensive multilateral agreement on intellectual property. Further the TRIPS Agreement introduced global minimum standards for protecting and enforcing nearly all forms of intellectual property rights (IPR), including those for patents. The TRIPS Agreement now requires all WTO members, with few exceptions, to adapt their laws to the minimum standards of IPR protection. In addition, the TRIPS Agreement also introduced detailed obligations for the enforcement of intellectual property rights. In terms of patent protection, the TRIPS Agreement requires WTO Members to provide protection for a minimum term of 20 years from the filing date of a patent application for any invention including for a pharmaceutical product or process. Essential readings - World Trade Organization, Understanding the WTO (2015): https://www.wto.org/english/thewto_e/whatis_e/tif_e/understanding_e.pdf. - Matthew Kennedy, WTO Dispute Settlement and the TRIPS Agreement. Applying Intellectual Property Standards in a Trade Law Framework (Cambridge: CUP 2016) Chapter 4. Further suggested readings - Antony Taubman, Hannu Wager and Jayashree Watal, A Handbook on the WTO TRIPS Agreement (Cambridge: CUP 2012) Chapter 1 - Matthew Kennedy, WTO Dispute Settlement and the TRIPS Agreement. Applying Intellectual Property Standards in a Trade Law Framework (Cambridge: CUP 2016) Chapter 5 - Ping Xiong, An International Law Perspective on the Protection of Human Rights in the TRIPS Agreement: An Interpretation of the TRIPS Agreement in Relation to the Right to Health (International Studies in Human Rights Series, Volume 108, Nijhoff 2012) Chapter 3 - US- Upland Cotton (https://www.wto.org/english/tratop_e/dispu_e/cases_e/ds267_e.htm.) · Understanding the WTO: https://www.wto.org/english/thewto_e/whatis_e/tif_e/understanding_e.pdf. - Understanding on Rules and Procedures Governing the Settlement of Disputes: https://www.wto.org/english/docs_e/legal_e/28-dsu_e.htm#ftnt1. - A. Lowenfeld, International Economic Law (2nd edn, Oxford University Press 2008). - P. Van Den Bossche and W Zdouc, The Law and Policy of the World Trade Organization Text, Cases and Materials (3rd edn, Cambridge University Press 2013). - S. Lester et al., World Trade Law. Texts, Materials and Commentary (2nd edn, Hart Publishing 2012). Legislation - Agreement on Trade-Related Aspects of Intellectual Property Rights, available at https://www.wto.org/english/docs_e/legal_e/27-trips.pdf - WTO, Trade-Related Aspects of Intellectual Property Rights, available at https://www.wto.org/english/tratop_e/trips_e/trips_e.htm - WTO, Overview: the TRIPS Agreement, available at https://www.wto.org/english/tratop_e/trips_e/intel2_e.htm - Convention Establishing the World Intellectual Property Organization (as amended on September 28, 1979) available at https://wipolex.wipo.int/en/treaties/textdetails/12412.

Regional Trade Agreements, Preferential Trade Agreements and Free Trade Agreements Aims and Objectives This lecture provides a critical analysis of the Regional Trade Agreements (RTAs). A regional trade agreement is one made between two or more contracting parties that share some common denomination known conceptually as “region”. The trend of RTAs is one of the most economically significant, politically important and, for some, troubling developments within the world trading system since the WTO Agreements entered into force in 1995. In particular, the stalling of the Doha Development Round trade negotiations has resulted in bilateral and regional free trade agreements (BRTAs) becoming an important alternative. These agreements have proliferated in recent years, and now all of the major trading countries are engaging in serious bilateral trade negotiations with multiple trading partners. RTAs have increased markedly in number however, despite their importance, little study has been performed to analyse the effects of RTAs on international trade. In this context, the lecture discusses the difference between RTAs and WTO. Essential readings - James Thuo Gathii, ‘The neoliberal turn in regional trade agreements’ (2011) 86(3) Washington Law Review, 421-474. Further suggested readings - J. Gray, ‘Domestic Capacity and the Implementation Gap in Regional Trade Agreements’ (2014) 47(1) Comparative Political Studies, 55-84. - ‘The Relationship between the Law of World Trade Organization and the Regional Trade Agreements’, in Malebakeng Agnes Forere, The Relationship of WTO Law and Regional Trade Agreements in Dispute Settlement, Global Trade Law Series, Volume 50 (Kluwer Law International 2015) 95-126. - Michael N. Jacobs, ‘The Offensive Power of Regional Trade Agreements’ (2011) 45(4) Journal of World Trade, 767-784. - Louise Eva Mossner, ‘The WTO and Regional Trade: a family business? The WTO compatibility of regional trade agreements with non-WTO-members’ (2014) 13(4) World Trade Review, 633-649. - Rudolf Adlung, ‘The Trade in Services Agreement (TISA) and its compatibility with GATS: an assessment based on current evidence’ (2015) 14(4) World Trade Review, 617-641. First hour on campus session: acquisition Active learning - On campus 1h session Learning activities PRODUCTION, COLLABORATION AND DISCUSSION (assessed activities - 70%) – team working (group presentation) on the following topic: ‘Given the tremendous proliferation of regional trade agreements in recent years and the fact that the WTO is losing its centrality in the international trading system, would you agree that the above statement is still accurate? Discuss - Online 1h session non-assessed activity: PRACTICE & COMPETITION (Test/quiz – online session) - Are RTAs the centre of gravity of the international trading system? Or is the multilateral trading system the centre of gravity? - ‘With the creation of the World Trade Organization (WTO) in 1995, the pyramidal design of the international trading system placed multilateralism at the top of the pyramid, regionalism/bilateralism in the middle, and the domestic trade and economic policies of WTO Member States at the bottom of the pyramid.’ - Given the tremendous proliferation of regional trade agreements in recent years and the fact that the WTO is losing its centrality in the international trading system, would you agree that the above statement is still accurate? Discuss.

The Governance of International Monetary Fund Aims and Objectives The seminar provides an overview of the background of the International Monetary Fund (IMF) and explains its main functions. Organisational structure of the IMF and a comparative analysis of the institution’s functions and other international organisations will be examined. The terms of financial assistance provided by the IMF will be discussed. The lecture will explain how conditionality, surveillance and technical assistance work in practice. Finally, the governance of the IMF will be also analysed. By the end of the lecture and after having done your readings you should be able to: (1) describe the functions, structure, governance and sources of IMF. Essential readings - Sean Hagan, ‘The Role of Law - and Lawyers - in the International Monetary Fund’ in Asif H. Qureshi and Xuan Gao (eds), International Economic Organizations and Law. The Perspective and Role of the Legal Counsel (Wolters Kluwer 2012) Chapter 2. - Carmen M. Reinhart and Christoph Trebesch, The International Monetary Fund: 70 Years of Reinvention, Journal of Economic Perspectives—Volume 30, Number 1—Winter 2016. Legislation - IMF, ‘The Liberalization and Management of Capital Flows: An Institutional View’ (14 November 2012). - IMF, ‘Guidelines on Conditionality’ (25 September 2002). - IMF, Articles of Agreement, https://www.imf.org/external/pubs/ft/aa/. - International Bank for Reconstruction and Development, ‘Articles of Agreement’ (http://siteresources.worldbank.org/EXTABOUTUS/Resources/IBRDArticlesOfAgreement_links.pdf) Further suggested readings - Ngaire Woods, ‘Making the IMF and the World Bank More Accountable’ (2001) 77(1) International Affairs, 83-100. First hour on campus session: acquisition Active learning- On campus 1h session Learning activities PRODUCTION, COLLABORATION AND DISCUSSION (assessed activities - 70%) – team working (group presentation) on the following topics: ‘IMF conditionality has been the subject of much controversy over the years. Critically discuss the activities of the IMF’. - Online 1h session Non-assessed activity PRACTICE & COMPETITION (Test/quiz – online session) - What are the main functions of IMF? - IMF conditionality has been the subject of much controversy over the years. Critically discuss the rationale of conditionality and explain the link between conditionality and stand-by arrangements. - What is the legal structure of the World Bank? - What are the main differences between World Bank and IMF?

The lending system of World Bank Aims and Objectives The seminar examines the role and functions of the World Bank (WB). By the end of the lecture and after having done your readings you should be able to: (1) describe the functions, structure, governance and sources of funding of the World Bank Group; (2) discuss the concerns about governance and accountability of WB; (3) understand the lending criteria and financing terms used by the IBRD and IDA; and (4) discuss current challenges faced by the World Bank, including the recent creation of ‘rival’ Multilateral Development Banks. Essential reading - Scott Morris and Madeleine Gleave, ‘The World Bank at 75’, Center for Global Development, Policy Paper 058, March 2015. Further suggested reading - Martin Ravallion, ‘The World Bank: Why It Is Still Needed and Why It Still Disappoints’, Center for Global Development, Working Paper 400, April 2015. Questions for consideration - What is the legal structure of the World Bank? - What are the main differences between World Bank and IMF? First hour on campus session: acquisition Active learning- On campus 1h session Learning activities PRODUCTION, COLLABORATION AND DISCUSSION (assessed activities - 70%) – team working (group presentation) on the following topics: Critically assess the World Bank's action on climate change risk. - Online 1h session Non-assessed activity PRACTICE & COMPETITION (Test/quiz – online session) - What is the legal structure of the World Bank? - What are the main differences between World Bank and IMF?

Money laundering in International Trade Law Aims and Focus The aim of the class is to provide a working knowledge of the EU money laundering regime in its international trade law context. The seminar considers the interaction of these provisions at national level, and how they interrelate with the FATF Recommendations and EU money laundering measures. It also examines the UK regulatory framework with the implementation of the Fifth Money Laundering Directive. This seminar examines the FCA’s risk-based approach to the implementation of the money laundering provisions and the implications on trade law. Essential readings - Lovina Otudor and Mahmood Bagheri, ‘anti-money laundering laws: the possibility of global convergence’ (2016) 31(1) Journal of International Banking Law and Regulation, 37-43. Legislation - EU Fifth Money Laundering Directive: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32018L0843 - Financial Action Task Force materials: http://www.fa{-‐gafi.org. - Financial Services Authority materials: http://www.fsa.gov.uk. - International Money Laundering Information Network: http://www.imolin.org/. - Serious Organised Crime Agency materials: http://www.soca.gov.uk. Non-essential readings - Liz Campbell, ‘Dirty cash (money talks): 4AMLD and the Money Laundering Regulations 2017’ (2018) Criminal Law Review, 102-122. - Susannah Cogman, ‘The devil is in the detail: The Fourth Money Laundering Directive in practice’ (2014) 29(5) Journal of International Banking and Financial Law, 308. - Miriam Goldby, ‘Anti-Money Laundering Reporting Requirements Imposed by English Law: Measuring Effectiveness and Gauging the Need for Reform’ (2013) Journal of Business Law, 367-397. - Michael J. Anderson and Tracey A. Anderson, ‘Anti-money laundering: history and current developments’ (2015) 30(10) Journal of International Banking Law and Regulation, 521-531. - Rita Cheung, 'Money laundering - a new era for sentencing organisations’ (2017) 1 Journal of Business Law, 23-50. First hour on campus session: acquisition Active learning - On campus 1h session Learning activities (assessed activities – 70%)) PRODUCTION, COLLABORATION AND DISCUSSION – team working (doctrinal review) on the following topic: ‘Critically discuss the evolution of money laundering legislation at the global level.’ - Online 1h session non-assessed activity PRACTICE & COMPETITION (Test/quiz – online session) - What is Money Laundering? - What harm is the State and the international community attempting to protect against by prohibiting it? - Should we be asking for more objective information? - Should we be relying on the suspicions of people with no experience of law enforcement?

Foreign Investment Liberalization Aims and Objectives This seminar focuses on the law governing the liberalization of foreign investment. This law developed starting in the 1960s and accelerated after the end of the Cold War. More recently, the activities of multinational enterprises have come close scrutiny particularly due to their impact on the environment, human rights and the governance of host states. This seminar begins the examination of the main layers of the applicable regulatory framework. Essential reading - J. Kurtz, J. E. Viñuales, M. Waibel, ‘Principles Governing the Global Economy’, Jorge E. Viñuales (ed.), The UN Friendly Relations Declaration at 50 (CUP, 2020) Chapter 14. Further suggested readings - Guiding Principles on Business and Human Rights: Implementing the United Nations “Protect, Respect and Remedy” Framework, UN Doc A/HRC/17/31, 2011. - P. Muchlinski, Multinational Enterprises & the Law (3rd ed, OUP, 2021) Chapter 3 - J. E. Salacuse, The Law of Investment Treaties (3rd ed, OUP, 2021) Chapter 5 Assessed activities PRODUCTION, COLLABORATION AND DISCUSSION – team working (group presentation) on the following topic: ‘Under bilateral investment treaties, host states have to comply with a range of investment protection standards for the benefit of multinational corporations. However, no obligations for such corporations are formulated. This has led to a debate regarding the asymmetry of the system. Critically discuss.’ Non-assessed activity PRACTICE & COMPETITION (Test/quiz – online session) - How is foreign direct investment governed in international law? - Do host states have obligations? -What about multinational corporations? -What law governs their impact on human rights, environment and governance?

Foreign Investment Disputes Aims and Objectives This seminar focuses on the processes through which foreign investment disputes are settled. Since the late 19th and late 20th centuries, when ‘gun-boat’ diplomacy prevailed, the settlement approach has changed dramatically. Today, foreign investors have the right to bring a dispute against the host state before a private tribunal constituted to hear that specific case. This seminar will discuss the main aspects of this system. Essential reading - R. Dolzer, U. Kriebaum, and C. Schreuer, Principles of International Investment Law (3rd Ed., OUP, 2022), pp. 340-378 Further suggested readings - S. Puig and G. Schaffer, ‘Imperfect Alternatives: Institutional Choice and the Reform of Investment Law’ (2018) 112(3) American Journal of International Law 361-409. - J.E. Viñuales, ‘Foreign Direct Investment: International Investment Law and Natural Resource Governance’, in K. Kulovesi, E. Morgera (eds.), Research Handbook on International Law and Natural Resources (Cheltenham: Edward Elgar, 2016), chapter 2. - G. Le Moli, ‘Intruders in a Balancing Act: Black Economic Empowerment, Transitional Justice and Investment Arbitration Tribunals’ (2021) 15(1) International Journal of Transitional Justice 7-25. Assessed activities PRODUCTION, COLLABORATION AND DISCUSSION – team working (group presentation) on the following topic: ‘Investment disputes often concern important issues of public policy, whether transitional justice or national security or environmental protection. Yet, investment tribunals lack the legitimacy to decide such issues. Critically discuss.’ Non-assessed activity PRACTICE & COMPETITION (Test/quiz – online session) - If a governmental policy for the common good can be challenged by a foreign investor claiming hundreds of millions of Euros, isn’t that a limit to public policy? - If investor tribunals are often called to decide issues of public policy, isn’t that a questionable delegation of judicial power to private parties? - How can one ensure that investment proceedings are legitimate?

International Energy Transactions Aims and Objectives This seminar focuses on the regulation of international energy transactions. At present, energy is still mainly based on the extraction and consumption of fossil fuels, coal, oil and gas. The production and consumption of such fuels requires flows of investment, trade and transit. In addition, the transaction relies on pre-existing entitlements over energy. This seminar discusses such entitlement and the legal organization of the international energy transactions. Essential reading - J.E. Viñuales, The International Law of Energy (CUP, 2022) pp. 10-14; pp. 42-56; pp. 73-101. Further suggested readings - G. Le Moli, ‘Collective Entitlements over Energy’ in E. Cima and M.M. Mbengue (eds.), A Multifaceted Approach to Trade Liberalisation and Investment Protection in the Energy Sector (2021, Brill), pp 126-147. - A. Boute, Weaponizing Energy: Energy, Trade, And Investment Law in the New Geopolitical Reality, (2022) 116(4) AJIL 740-751. Assessed activities PRODUCTION, COLLABORATION AND DISCUSSION – team working (group presentation) on the following topic: ‘One controversial aspect of the legal organization of international energy transaction is the focus on production and consumption processes, rather than on the negative side-effects on human rights, the environment and governance. How can this imbalance be addressed? Critically discuss.’ Non-assessed activity PRACTICE & COMPETITION (Test/quiz – online session) - How is energy regulated in the WTO context? - What about the investment context? - Trade and transit of energy require special infrastructure. How are they governed?

Corporate Social Responsibility Aims and Objectives This seminar focuses on the regulation of the activities of multinational corporations, whose actions have come to scrutiny particularly due to their impact on the environment, human rights and labor rights. The seminar discusses the current legal framework dedicated to corporations, characterized by soft law instruments and the lack of mandatory provisions. Recent initiatives undertaken by the United Nations and the European Union will be analysed, together with examples of codes of conduct adopted by companies. Essential reading P. Muchlinski, Multinational Enterprises & the Law (3rd ed, OUP, 2021) Chapter 3 Guiding Principles on Business and Human Rights: Implementing the United Nations “Protect, Respect and Remedy” Framework, UN Doc A/HRC/17/31, 2011 Further suggested readings Marco Fasciglione, A Binding Instrument on Business and Human Rights as a Source of International Obligations for Private Companies: Utopia or Reality? In Buscemi M, Lazzerini N, Magi L, Russo D (eds), Legal Sources in Business and Human Rights, Brill, 2020, pp. 31-51 Andrea Spagnolo, To What Extent Does International Law Matter in the Field of Business and Human Rights? In Buscemi M, Lazzerini N, Magi L, Russo D (eds), Legal Sources in Business and Human Rights, Brill, 2020, pp. 74-96 Jurgen Friedrich, Codes of conduct, in Max Planck Encyclopedia of Public International Law, https://opil.ouplaw.com/display/10.1093/law:epil/9780199231690/law-9780199231690-e1379 Olaf Weber, Emmanuel Acheta and Ifedayo Adeniyi, The Impact of Sustainability Codes of Conduct in The Financial Sector, CIGI Papers No. 92, https://www.cigionline.org/static/documents/no.92_web_0.pdf Legislation Treaty on Business and Human Rights https://www.ohchr.org/en/business-and-human-rights/bhr-treaty-process EU Corporate Due Diligence Directive https://commission.europa.eu/business-economy-euro/doing-business-eu/corporate-sustainability-due-diligence_en Acquisition – On campus 1h session Active learning- On campus 1h session - Learning activities PRODUCTION, COLLABORATION AND DISCUSSION (assessed activities - 70%) team working (group presentation) on the following topic: ‘Critically discuss the obligations contained in codes of conduct adopted by multinational corporations and compare their content to international legal instruments” - Non-assessed activity PRACTICE & COMPETITION (Test/quiz – online session) - What are the shortcomings of the current international legal framework on corporate social responsibility? - What is the meaning and content of Sustainability Due Diligence? - Should we develop international mandatory provisions? - Codes of conduct can be considered sufficient to regulate the impact of businesses activities on human rights and the environment?

Trade and Environment Aims and Objectives This seminar focuses on the much-debated topic of the trade and environment nexus. Trade can be good or bad to the environment, depending on the nature and implications of the trade flows. An important debate is the extent to which WTO agreements leave enough room for environmental considerations. Essential reading - H. van Asselt, ‘Trade’, in L. Rajamani and J. Peel (eds.) The Oxford Handbook of International Environmental Law (OUP, 2021), Chapter 43. Further suggested readings -P.-M. Dupuy, G. Le Moli & J.E. Viñuales, Customary International Law and the Environment, in L. Rajamani and J. Peel (eds.) The Oxford Handbook of International Environmental Law (OUP, 2021), Chapter 23 - Mark Wu & James Salzman, The Next Generation of Trade and Environment Conflicts: The Rise of Green Industrial Policy, (2014) 108 Northwestern University Law Review 401-474. Assessed activities PRODUCTION, COLLABORATION AND DISCUSSION – team working (group presentation) on the following topics: The transition to sustainability requires governmental intervention into the economy. These green industrial policies have been found to be in breach of trade agreements. Critically discuss. Non-assessed activity PRACTICE & COMPETITION (Test/quiz – online session) -Are trade rules consistent or inconsistent with a transition to sustainability? -Should trade rules prevail over environmental rules or viceversa? How can they be aligned?

Climate Change and the Low-Carbon Transition Aims and Objectives This seminar focuses on the global governance of climate change and the implication of the low-carbon transition from a trade and investment perspective. A key aspect of the green industrial policies discussed in the previous lecture concerns low-carbon energy policies. This seminar discusses how such policies have been upheld or challenged on grounds of trade and investment law. Essential reading - L. Rajamani and J.D. Werksman, ‘Climate Change’, in L. Rajamani and J. Peel (eds.) The Oxford Handbook of International Environmental Law (OUP, 2021) Chapter 29 Further suggested readings - J.E. Viñuales, The International Law of Energy (CUP, 2022) pp. 399-434. Assessed activities PRODUCTION, COLLABORATION AND DISCUSSION – team working (group presentation) on the following topic: ‘Much of the debate concerning the Paris Agreement revolves around its lack of specificity regarding the types of policies that states should adopt to pursue a low-carbon transition. Discuss.’ Non-assessed activity PRACTICE & COMPETITION (Test/quiz – online session) -Do states have specific obligations under the UNFCCC or the Paris Agreement to reduce their emissions? -If a state adopts a policy to reduce its emissions, which is inconsistent with either investment or trade law, is that unlawful? - Given the urgency of the climate emergency, should states be granted regulatory space to accelerate the transition?