O presente estudo busca analisar o quadro regulatório internacional referente a medidas cambiais que trazem impactos no comércio. O artigo pretende explorar como a questão do câmbio se relaciona à OMC e afeta seus instrumentos e princípios para, em seguida, buscar dispositivos nos acordos da OMC que poderiam ser aplicados à questão cambial a fim de reequilibrar os impactos causados pelos desalinhamentos cambiais no comércio internacional.

ABSTRACT This is study seeks to analyze the international trade regulatory framework regarding exchange rate measures that bear an impact on trade. The present article will explore how the exchange rate issue relates to the WTO and affects its instruments and principles and, in the following, will look for provisions under the WTO agreements that could address the exchange rate issue and rebalance the impacts caused by misaligned currencies on trade.

The debate on the link between trade rules and rules on exchange rates is raising the attention of experts on international trade law and economics. The main purpose of this paper is to analyze the impacts of exchange rate misalignments on tariffs as applied by the WTO - World Trade Organization. It is divided into five sections: the first one explains the methodology used to determine exchange rate misalignments and also presents its results for Brazil, U.S. and China; the second summarizes the methodology applied to calculate the impacts of exchange rate misalignments on the level of tariff protection through an exercise of "misalignment tariffication"; the third examines the effects of exchange rate variations on tariffs and their consequences for the multilateral trading system; the fourth one creates a methodology to estimate exchange rates against a currency of the World and a proposal to deal with persistent and significant misalignments related to trade rules. The conclusions are present in the last section.

Este artigo é a continuação do trabalho da autora sobre os novos temas em discussão na OMC. No momento em que o MERCOSUL se posiciona para mais uma rodada de negociações multilaterais no âmbito da OMC, além das negociações já iniciadas com a CE dentro do acordo inter-regional e com o NAFTA dentro do ALCA, dois dos novos temas do comércio internacional se revestem de grande interesse: meio ambiente e padrões trabalhistas. O artigo analisa como tais temas evoluíram no cenário internacional desde a Carta de Havana, passando pela UNCTAD, OCDE, e OIT, para, finalmente, chegarem à OMC. O objetivo do artigo é dar elementos para a discussão desses temas nas negociações futuras do MERCOSUL.

This is the second part of the author's article dealing with WTO's new themes. MERCOSUL is positioning itself to start negotiations in several fronts: inside WTO in the next round of multilateral negotiations, with the EU in a inter-regional agreement and with NAFTA inside the FTAA. Two themes are relevant to these negotiations: environment and labor standards. This article analyses the evolution of these themes in the international context from the Havana Charter, through UNCTAD, OECD and ILO to arrive in the WTO. The objective of this article is to give some elements for the discussion of these two themes in Mercosul's future negotiations.

No momento em que o MERCOSUL se posiciona para mais uma rodada de negociações multilaterais no âmbito da OMC, além das negociações já iniciadas com a CE dentro do acordo interregional e com o NAFTA dentro do ALCA, dois temas se revestem de grande interesse: investimentos e concorrência. O artigo analisa como tais temas evoluíram no cenário internacional desde a Carta de Havana, passando pela UNCTAD e pela OCDE, para finalmente chegarem na OMC. O objetivo do artigo é dar elementos para a discussão desses dois temas nas negociações futuras do MERCOSUL.

MERCOSUR is positioning itself to start negotiations in several fronts: inside WTO in the next round of multilateral negotiations, with the EU in a inter-regional agreement and with NAFTA inside the FTAA. Two themes are relevant to these negotiations: investment and competition. This article analyses the evolution of these themes in the international context from the Havana Charter, through UNCTAD and OECD, to arrive in the WTO. The objective of this article is to give some elements for the discussion of these two themes in Mercosur's future negotiations.