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Punishments and Dispute Settlement in Trade Agreement
2001
Social Science Research Network
This paper interprets dispute settlement procedures and punishments as responses to the fact that trade agreements are incomplete contracts. If no weight is given to the adjudication phase and if the degree of trade relatedness is known with certainty, the negotiated trade agreement will feature commensurate punishments, will induce violation of the dispute settlement ruling, and will deliver optimal liberalization and optimal unilateral trade-related action. With the adjudication phase of
doi:10.2139/ssrn.273212
fatcat:ownmc7tbfjfcno4rzh3kdkjaqy