Michael Ewing-Chow

South Asian Free Trade Agreement and the Possibility of Regional Integration within the SAARC: A Historical, Legal and Economic Analysis

Preferential trading exchanges have been a very common phenomenon in todays world. FTAs and RTAs are growing so fast that many academics are arguing that they are creating obstacles towards WTOs multilateral trade liberalization. Although seven nations in the South Asian region have recently executed an FTA, the progress of regional cooperation in this region is rather dismal. The purpose of this paper is to analyze SAFTA and discuss the prospect of more meaningful cooperation within the SAARC.

Introduction: Setting the stage: The problem with self-sufficiency and the need for collective food security for a global crisis

The 2008 food crisis exposed the vulnerabilities of the global food system and their direct impact on human wellbeing. The sudden increase in commodity prices pushed over a hundred million people into chronic hunger.1 Some scholars have also suggested that the high prices contributed to the unrest in North Africa and the Middle East which led then to the continuing political instability in the region that started with the Arab Spring.2 Though following the crisis the number of hungry is reported to be declining, the Food and Agriculture Organization of the United Nations (FAO) estimates that 805 million people were still suffering from chronic hunger in the period 2012–14.3 Instability in the region was also increased by the 2011 food price increases and the sudden perceived failure by regional governments to provide essential food security to the population.4 As if the devastating effects of food price volatility on the most vulnerable and the current inequality of food distribution together with the potential for increasing political instability were not sufficient incentives for action, the world’s population is growing by around 77 million people every year. By 2050, there will be more than nine billion people reliant on the earth’s natural resources.5 It is estimated that to feed the global population will require 60–70 per cent more food from the 3 per cent of the

A Clash of Treaties: The Legality of Countermeasures in International Trade Law and International Investment Law

Countermeasures are well recognized under Customary International Law and have been incorporated into the WTO Dispute Settlement Understanding as a mechanism to facilitate compliance, subject to an authorization by the WTO Dispute Settlement Body. However, such a countermeasure — increased tariffs, quantitative restrictions and permission to breach intellectual property rights — may also affect private investors. When there is an investment treaty between two WTO Members and one of the Members is subject to WTO countermeasures by the other Member, a clash of treaties may arise. This happened in the Sugar Dispute between Mexico and the United States. Mexico claimed that their measures on High Fructose Corn Syrup were trade countermeasures under the North America Free Trade Agreement (NAFTA) in retaliation for a US breach of NAFTA. US investors affected by these measures brought claims against Mexico for breach of NAFTA Chapter 11 — the Investment Chapter. All three International Centre for the Settlement of Investment Disputes tribunals held for different reasons, that a countermeasure that affects the rights of investors would not be valid. In contrary, this paper argues that a legitimate trade countermeasure should also be legitimate in the investment regime. A failure to consider the need for such coherence between the regimes could lead to a clash between the regimes and limit states’ ability to enforce its legitimate trade interests.

Difficulties with Decentralization and Due Process

As a rapidly developing country, Indonesia realizes that foreign direct investment (FDI) remains necessary to fuel growth in the capital-scarce country. Yet, along with its development, Indonesia is facing more complex challenges both because of domestic issues and its problematic bilateral investment treaties (BITs) which do not provide explicit policy space for the government. The problematic implementation of the desentralisasi system, a limited rule of law and difficulties in dealing with corruption continue to reduce Indonesia’s attractiveness to foreign investors. Indonesia has decided to discontinue its old BITs and has expressed an interest in designing a new BIT model. This article attempts to suggest ways in which Indonesia can deal with its domestic challenges and to improve its new international investment agreements to create a more conducive investment climate.

The Derivative Action in Asia: Contents

Introduction Brian R. Cheffins 1. The derivative action: an economic, historic and practice-oriented approach Harald Baum and Dan W. Puchniak 2. The complexity of derivative actions in Asia: an inconvenient truth Dan W. Puchniak 3. Land of the rising derivative action: revisiting irrationality and Japans unreluctant shareholder litigant Masafumi Nakahigashi and Dan W. Puchniak 4. Invigorating shareholder derivative actions in Korea Hyeok-Joon Rho and Kon-Sik Kim 5. Derivative actions in Taiwan: legal and cultural hurdles with a glimmer of hope for the future Wang Ruu Tseng and Wallace Wen Yeu Wang 6. Pathway to minority shareholder protection: derivative actions in the Peoples Republic of China Donald C. Clarke and Nicholas C. Howson 7. A parallel path to shareholder remedies: Hong Kongs derivative actions Paul von Nessen, S. H. Goo and Low Chee Keong 8. Singapore derivative actions: mundanely non-Asian, intriguingly non-American and at the forefront of the Commonwealth Meng Seng Wee and Dan W. Puchniak 9. The rarity of derivative actions in India: reasons and consequences Vikramaditya Khanna and Umakanth Varottil 10. The derivative action in Asia: some concluding observations Dan W. Puchniak and Harald Baum.

The Derivative Action in Asia: List of Contributors

Introduction Brian R. Cheffins 1. The derivative action: an economic, historic and practice-oriented approach Harald Baum and Dan W. Puchniak 2. The complexity of derivative actions in Asia: an inconvenient truth Dan W. Puchniak 3. Land of the rising derivative action: revisiting irrationality and Japans unreluctant shareholder litigant Masafumi Nakahigashi and Dan W. Puchniak 4. Invigorating shareholder derivative actions in Korea Hyeok-Joon Rho and Kon-Sik Kim 5. Derivative actions in Taiwan: legal and cultural hurdles with a glimmer of hope for the future Wang Ruu Tseng and Wallace Wen Yeu Wang 6. Pathway to minority shareholder protection: derivative actions in the Peoples Republic of China Donald C. Clarke and Nicholas C. Howson 7. A parallel path to shareholder remedies: Hong Kongs derivative actions Paul von Nessen, S. H. Goo and Low Chee Keong 8. Singapore derivative actions: mundanely non-Asian, intriguingly non-American and at the forefront of the Commonwealth Meng Seng Wee and Dan W. Puchniak 9. The rarity of derivative actions in India: reasons and consequences Vikramaditya Khanna and Umakanth Varottil 10. The derivative action in Asia: some concluding observations Dan W. Puchniak and Harald Baum.

The Derivative Action in Asia: List of Abbreviations

Introduction Brian R. Cheffins 1. The derivative action: an economic, historic and practice-oriented approach Harald Baum and Dan W. Puchniak 2. The complexity of derivative actions in Asia: an inconvenient truth Dan W. Puchniak 3. Land of the rising derivative action: revisiting irrationality and Japans unreluctant shareholder litigant Masafumi Nakahigashi and Dan W. Puchniak 4. Invigorating shareholder derivative actions in Korea Hyeok-Joon Rho and Kon-Sik Kim 5. Derivative actions in Taiwan: legal and cultural hurdles with a glimmer of hope for the future Wang Ruu Tseng and Wallace Wen Yeu Wang 6. Pathway to minority shareholder protection: derivative actions in the Peoples Republic of China Donald C. Clarke and Nicholas C. Howson 7. A parallel path to shareholder remedies: Hong Kongs derivative actions Paul von Nessen, S. H. Goo and Low Chee Keong 8. Singapore derivative actions: mundanely non-Asian, intriguingly non-American and at the forefront of the Commonwealth Meng Seng Wee and Dan W. Puchniak 9. The rarity of derivative actions in India: reasons and consequences Vikramaditya Khanna and Umakanth Varottil 10. The derivative action in Asia: some concluding observations Dan W. Puchniak and Harald Baum.

The Derivative Action in Asia: List of Tables

Introduction Brian R. Cheffins 1. The derivative action: an economic, historic and practice-oriented approach Harald Baum and Dan W. Puchniak 2. The complexity of derivative actions in Asia: an inconvenient truth Dan W. Puchniak 3. Land of the rising derivative action: revisiting irrationality and Japans unreluctant shareholder litigant Masafumi Nakahigashi and Dan W. Puchniak 4. Invigorating shareholder derivative actions in Korea Hyeok-Joon Rho and Kon-Sik Kim 5. Derivative actions in Taiwan: legal and cultural hurdles with a glimmer of hope for the future Wang Ruu Tseng and Wallace Wen Yeu Wang 6. Pathway to minority shareholder protection: derivative actions in the Peoples Republic of China Donald C. Clarke and Nicholas C. Howson 7. A parallel path to shareholder remedies: Hong Kongs derivative actions Paul von Nessen, S. H. Goo and Low Chee Keong 8. Singapore derivative actions: mundanely non-Asian, intriguingly non-American and at the forefront of the Commonwealth Meng Seng Wee and Dan W. Puchniak 9. The rarity of derivative actions in India: reasons and consequences Vikramaditya Khanna and Umakanth Varottil 10. The derivative action in Asia: some concluding observations Dan W. Puchniak and Harald Baum.