International Trade Investments, Labour Standards and Environment Implications of Economies

Abstract

The research paper under review discusses the issues on international trade, investments, labour standards and environmental implications of economies in the context of the present global economic scenario, where World Trade Organization (WTO) is considered to be the international organization dealing with the dispute settlement mechanisms of various economies of the world, particularly, issues concerning international trade treaties, international trade investments, labour standards and environmental impact assessment issues of various countries in the globe. These issues are discussed at length. The paper also goes on to discuss and deliberate on issues pertaining to and linkages existing between various economies on free trade agreements (FTAs), bilateral and multilateral trade negotiations. It is observed that signing of various international trade treaties among various economies, particularly between developing and developed countries would lead to serious economic repercussions both at the international/global and national/regional levels of these economies. The paper also studies the issue of WTO dispute settlement mechanism by taking the samples and sub-samples of various countries in this regard. It is seen that the developing countries are the worst affected so far as international trade agreements are concerned leading to jeopardise the economies of these countries. Therefore, these economies approach the WTO disputes settlement body for redressal of their grievances. The paper also highlights the linkages between trade and environment, trade and labour standards, international trade laws & extraterritorial applications of international trade laws. The international agreements on hazardous waste have also been discussed at length. Restricting exports of electronic waste (e-waste) is a major area of concern of this research paper. Data relating to the number of disputes settled by the WTO both benefiting the importing (developing) and exporting (developed) countries have also been reflected in the research paper. The paper makes out the fact that the Emerging Market Economies (EMEs) and the undeveloped countries do not have proper international trade, labour & environmental laws. As a result, they are always outcompeted by the developed nations who have organised international trade, labour & environmental laws. It is seen that the United States is the developed country, transmitting maximum e-hazardous wastes to various developing countries, thereby, creating serious environmental hazards for the developing countries particularly Asian & African countries. Though the Basel Convention and Article XX of General Agreement on Tariffs and Trade (GATT)/WTO has provision for protecting the developing and the underdeveloped countries through its extraterritorial coverage, but the United States is not a member of the Basel Convention. Moreover, the international agreements cover the broader issue of hazardous waste, and not particularly the e-waste discussed in this research paper. Thus, it can be safely concluded that developed countries like the United States and the Organization for Economic Cooperation and Development should becovered/included in the Basel Convention and the Article XX on extraterritorial/trans boundaries should be implemented by WTO, the international dispute settlement organisation, to provide relief to the underdeveloped and developing countries on the above issues/areas. This would definitely go a long way in increasing world trade, Gross Domestic Product, employment, implementing better labour laws/standards cleaner/greener environment in the underdeveloped and the EMEs, particularly the Asian economies.