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Lecture 4

POLI 2403 Lecture Notes - Lecture 4: World Bank, Legal Personality, World Trade Organization

Political Science
Course Code
POLI 2403

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AEC and EU
Chicago, MLA- doesn't really matter, just pick one; if using parenthetical, include page number
8-10 pages
Suggestion: use as many sources as you have pages
More limited objectives
oAccelerate ASEAN economic integration programs
Harmonize tariffs
Address non tariff measure trade barriers
By 2020, supposed to have a custom's union
Address movement of services, investments, and intellectual property across
Identify priority sectors for fast integration- starting with sectoral integration
and move toward integration of the whole economy
Focus on textiles and clothing, automotive/electronics, healthcare,
logistics, tourism
Aiming to adopt ASEAN-X system: rather than requiring whole region to
integrate in certain sectors at the same time, as long as 2 or more ASEAN members want to
integrate in a particular market, they can do so
With caveat: others are allowed to join when ready --> move at own
oEstablished new institutional mechanisms
Legal unit on trade to resolve trade disputes within ASEAN secretariat
Compliance monitoring body for pure adjudication and dispute settlement
These haven't really come into play yet- budget of ASEAN is very small, things
are hard to implement
European Union
Emerged after WWII (1957) under Statute of Rome
Established to join coal and steel industries to avoid war again
Formed by EC6- original six members
Now 28 member states (with others looking for membership, like Turkey)
Treaties and Acts
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oSingle market completed in 1986 with adoption of Single European Act
o1992: Treaty of Maastricht founded the EU (before that, was European Economic
o1997: Treaty of Amsterdam expanded communitty's competencies and established
qualified majority voting and co decision making processes with the parliament- expanded
civilian participation at the supranational level
o2001: Treaty of Nice involved institutional reform to enable expansion
o2007: Treaty of Lisbon also involved institutional reform
Related Bodies
oEEA: European Economic Area (EU+)
Larger than the EU
Includes Norway and Iceland
States that want to join EEA but not EU still must agree to the four areas of free
oEurozone (EU-): Economic and Monetary Union
Area of EU that has completely coordinated macroeconomic policy, single
central bank, and common currency (euro)
Only includes members who have agreed to common currency- excludes UK and
many eastern European countries
Includes coordination of fiscal policies, notably through restriction of
government debt and deficit; includes World bank usage instead of national banks
Countries have abstained from the Eurozone on principle (UK and Denmark)
even though they have strong enough economies to join
Seat of parliament in Strasbourg, most bodies situated in Brussels
What is the EU?
oIntergovernmental institution
oSupranational alliance of sovereign states
In some respects, behaves like a state itself- countries that are members to the
EU have ceded areas of sovereignty to the EU
By virtue of legal personality after Lisbon treaty, EU can be a signatory to and a
member of other IGOs
oCan only act in areas specifically defined in treaties
oDecisions they adopt are legally binding AND take precedence over national law when
they are contradictory
Key Element: Single Market
oArea with no internal borders
oFrom trade perspective, the EU does not have physical boundaries- trade is completely
free within the external borders of the EU
Assured through provisions of many treaties
oFour areas of free movement
Persons: All members can move, reside, and take up work anywhere within the
Goods: Within the EU and EEA are not subject to border controls, tariffs, or
Services: service providers within EU are free to offer their services in any other
EU state and can provide those services without moving to that country
Capital: no restrictions within the EU
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