Topic 1

On November 10, 2003 the World Trade Organization Appellate Body issued its report in the complaint brought by Brazil, China, the European Communities, Japan, Korea, New Zealand, Norway, and Switzerland against the US imposition of safeguard measures on certain steel products. [1] The Appellate Body upheld a prior Panel ruling that the US measures were inconsistent with the WTO Safeguards Agreement and GATT 1994. [2] Consequently the Appellate Body recommended that the WTO Dispute Settlement Body request the US to bring its measures into conformity. [3] [4]

Introduction

 

In recent testimonies before the US Congress, scholars and representatives of the small business community have argued that China deliberately undervalues its currency, the Yuan, in order to gain a competitive advantage towards its major trading partners. [1] China is being accused of manipulating the exchange rate by buying and selling Yuan on the international capital markets for a fixed price. Thereby it effectively discourages a free market value for the Yuan.

 

           On September 24, 2003, members of the Congressional-Executive Commission on China urged a U.S. trade official to consider challenging China's fixed currency exchange rate at the World Trade Organization (WTO). Rep. James A. Leach (R-Iowa), chairman of the Commission, put forward the idea that China's currency could be "a subsidies issue under the WTO, so it's not exactly a non-WTO issue." [1]

 

In July 2003, the Secretary of State for Environment, Food and Rural Affairs of the United Kingdom invited proposals for a "Study into the Legal and Moral Framework for Marine Biotechnology Development in the UK." The study, when complete, should constitute a pioneering effort to deal with a growing and important field of international law that is poorly understood and researched but that is gaining considerable significance in practice, and poses complex legal, moral and environmental issues. [1]