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26 Int'l L. News 1 (1997)

handle is hein.journals/inrnlwnw26 and id is 1 raw text is: INTERNATIONAL LAW Section of International Law and Practice NEWS American Bar Association, Vol. 26 No. 1 Winter 1997 An Agenda for the Next Administration By Stewart A. Baker and Peter Lichtenbaum After Inauguration Day, many Section lawyers are pondering the $64 million question: What can we expect from tile Clinton administration and the Congress in 1997 in the international arena? Although crystal-ball gazing may strike some seasoned observers as foolhardy, particularly given the recent changes in top administration officials, in Washington such predictions are a part of a lawyer's job description. TRADE ISSUES NAFTA Expansion In 1996 there was bipartisan agreement that the North American Free Trade Agreement (NAFTA) should be expanded to include Chile. However, because the Clinton administration and the Republican Congress disagreed as to whether fast-track negotiating authority should include labor and environmental issues, no legislation was passed. Fast-track authority should come up early in the next congressional session. Its prospects appear improved from 1996, but a significant administration effort will still be required to obtain Congressional passage. Both the administration and cer- tain key members of Congress recognize the need for the United States to play a leadership role in trade liberalization in the hemisphere, given that Latin American countries are moving forward indepen- dently with free-trade initiatives. For example, the European Union has entered into free-trade talks with countries in the region, and Canada recently signed a free- trade agreement with Chile. Moreover, after the presidential election, the oppor- tunities for bipartisan cooperation may have improved. However, it is far from certain that any legislation will pass, given the reduced number of free-trade advo- cates in Congress and public skepticism of the benefits of free-trade agreements. Rather than focusing on Chile, the legisla- tion may provide fast-track authority for several countries. This approach reflects tile difficulty of getting fast-track authority passed and the marginal economic benefits to the United States of a free-trade agree- ment with Chile. To win political support for fast-track legislation, the administra- tion will need to assemble a broad range of supporters who are strongly committed to the effort, and this is likely to require a broader approach to the legislation. Tile Section's International Trade Committee is currently examining the issue of extending fast-track authority World Trade Organization At the World Trade Organization (WTO), key action items for the administration in 1997 are the admission of China and progress in certain sectors not addressed in the Uruguay Round. The Information continued on page 14 INSIDE Call for Nominations ............... 3 Profile: John D. Holum ............. 4 1997 Issues Agenda ............... 5 ILEX Trips ...................... 10 Spring Meeting Program ........... 11 Developments in Private International Law Trade Financed by Accounts Receivable: Can International Rules Be Unified by the Year 2000? by Don Wallace, Jr. and Harold Burman A recently completed two-week meeting of the UN Commission on International Trade Law (UNCITRAL) highlighted several major issues concerning the role of private law harmonization at the international level in eco- nomic development. UNCITRAL is seeking to draft a multilateral treaty on international secured interests for general commercial and inventory financing, known as receivables financing. Apart from substantive issues, such as priority between lenders and other claimants (which has tradi- continued on page 18 I

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