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The Political Economy of the World Trading SystemWTO and Beyond$
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Bernard Hoekman and Michel Kostecki

Print publication date: 2001

Print ISBN-13: 9780198294313

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/019829431X.001.0001

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Safeguards and Exceptions

Safeguards and Exceptions

(p.303) 9 Safeguards and Exceptions
The Political Economy of the World Trading System

Bernard M. Hoekman

Michel M. Kostecki (Contributor Webpage)

Oxford University Press

The various mechanisms allowing for the re‐imposition of trade barriers are discussed in this chapter, which summarizes the rules on––and the economics of––the use of instruments of contingent protection. These have been very important in dealing with domestic political pressures and allowing the pursuit of non‐economic objectives. In practice, they have often been abused, to the detriment of both national and global welfare. The chapter focuses mainly on the safeguards and exceptions embodied in GATT (General Agreement on Tariffs and Trade); those of the GATS (General Agreement on Trade in Services) are very similar or still in development. The different sections are as follows: Renegotiation of concessions; Waivers; Emergency protection and VERs (voluntary export restraints); Antidumping actions; Measures to countervail subsidized imports; Trade restrictions for balance of payments purposes; Infant industry protection; General exceptions; and Conclusion.

Keywords:   anti‐dumping, balance of payments, concessions, contingent protection, GATS, GATT, General Agreement on Tariffs and Trade, General Agreement on Trade in Services, imports, infant industry protection, safeguards, subsidized imports, trade barriers, trade restrictions, VER, voluntary export restraint, waivers

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