<abstract><title style='display:none'>Abstract</title>Despite the fact that documentary letters of credit (LC) are meant to facilitate the process of international trade, their specific characteristics may increase the risk of fraud while being used as the method of payment in the process of international transaction. Many factors like exclusive use of documents, geographical distance, absence of efficient prosecution, the diversity of legal system at the global level and restricted application of fraud rule can be considered as reasons for LC fraud. While billions of dollars are lost annually due to fraud in the course of LC operations, such vulnerability can result in reducing the global popularity of documentary letters of credit as the main method of payment used in international trade. Meanwhile, it is worth mentioning that fraud risk management is an unexplored territory in the practice of documentary letters of credit operation. Existing research tries to fill the gap in the study on comprehensive methods for mitigating fraud risk in operations with documentary letters of credit by using risk management theory in order to answer the question of how to manage fraud risk in LC transactions? In a quest to answer the research question, the paper is divided into two parts: the first part is dedicated to preventive measures while the latter explores responsive measures of an enterprise to manage fraud risk in LC transactions.</abstract>

Mitigating the Risk of Fraud in Documentary Letters of Credit

<abstract><title style='display:none'>Abstract</title>What has now been coined the term XXI Century Silk Road had evolved from a speech given by Chinese premier Xi Jinping in Kazakhstan in 2013. It was initially a plan aimed at promoting the bilateral relations of China and its neighbors; however, the initiative had since then traversed the region’s borders and become a global project. This paper examines the Silk Road Economic Belt initiative in light of Chinese-EU relations. It reviews the initiation of the Silk Road Project and focuses on its political economic analysis through investigating the potential routes the Belt can take, the EU-Chinese trade and investment standings as well as the global political context that the increased cooperation and connection is likely to influence. The paper uses the Modern Silk Road concept as an example of China’s foreign policy in the wake of globalization and the emergence of a new multipolar world order. To set the stage we will begin with a political-economic approach of the New Silk Road. Highlighting the possibilities of Chinese high culture, which accommodate global governance, we state that the Modern Silk Road project is one of its materialized forms. The concept of the New Silk Road (together with the Eurasian Union) denies the previous era of corruption and personality cult and indicates a milestone in the development of China, proving that it is already a globally responsible power (Värk, 2015). Even if transport by land is significantly more expensive than transportation by sea, the New Silk Road may have significant advantages: It may take only two weeks, saving potentially a week in shipping time, and diversify China’s dependence on sea transport that could reduce the importance of its regional diplomatic conflicts. Already these aspects show that the purpose of the Modern Silk Road is basically not to explore cost-efficiency but to contribute to the establishment of a new, multipolar world order. The fact that the Modern Silk Road is a supply-driven concept in spite of the historical one underlines this argument. Even if politics dominate, henceforward directing the economic activities, we will nonetheless examine the China-Eastern European relations through the lenses of trade and investment as well. After the initial analysis and description of the Silk Road Economic Belt as a tool of Chinese foreign policy, the paper goes on to examine the potential routes the railway takes from China to Europe. It reviews the trade and investment ties that the two entities share and assesses how this initiative contributes to the rise of Europe and China beside the USA. Lastly, it outlines how various regional and global powers are affected by the renewal of the Silk Road. </abstract>

The Political Economics of the New Silk Road

<abstract><title style='display:none'>Abstract</title>Following the political changes in 2000, Serbia has rapidly started to catch up with the countries of Central and Eastern Europe in various aspects of the transition process. One of these very important aspects were foreign investments, both ‘direct’ and ‘portfolio’ ones, that had a significant impact on the development of Serbian economy by recovering economic structure and raising competitiveness in world markets, followed by improving the balance of payments and technological, scientific and managerial base. Foreign investments as an “economic engine” enable accelerated realization of national economic goals which include re-industrialization and renewal of industrial capacity. The openness of the Serbian market and the lack of financial resources allow China and other states concerned under favourable conditions invest in the development of Serbian economy. In this way, Chinese investments have become a driving force for the promotion of economic and other relations between the two countries. On the other hand, however, Chinese investments have proven to be an ideal test for the realization of the objectives of the development strategy of the ‘New Silk Road’ which among other things include the improvement of China’s position on world markets, including the EU market. For the proper understanding of Sino-Serbian relations, this study first gives a short explanation of the Chinese strategy of the New Silk Road. Then, it includes an analysis of Serbia’s position towards China. Analysis of the development of Serbian-Chinese economic relations, especially in the field of foreign investment and within the framework of multilateral cooperation mechanism ‘16+1’, occupies the central part of the study. The study concludes with an evaluation of comparative advantages and certain disadvantages for the Chinese foreign investment in Serbian economy, which in itself has certain significance for the realization of the New Silk Road strategy.</abstract>

Chinese Investments in Serbia—A Joint Pledge for the Future of the New Silk Road

<abstract>
<title style='display:none'>Abstract</title>
Autonomous Weapons Systems (AWS) are already in use around the world by various militaries. However, the law governing such systems in the scope of international humanitarian law (IHL) currently lacks specific binding international treaties. Nevertheless, the existing framework is not silent on the topic of new weapons. Article 36 of Additional Protocol I to the Geneva Conventions provides an obligation for states to review new weapons. Consequently, as AWS are being adopted, acquired, and developed, the wide reach of 174 state parties of Article 36, therefore <italic>prima facie</italic>, represents a reasonable chance of providing some AWS regulation in the meantime. Nevertheless, Article 36 is generic to all new weapons and therefore unable to address concerns specific to AWS. Therefore, considering the vast difference of AWS to weapons which rely on a human operator, it is not unreasonable to state that there is a need for additional regulation. Hence, various non-binding guidelines and recommendations, such as the ‘11 Guiding Principles’ agreed upon by the Convention on Certain Conventional Weapons Group of Government Experts and the International Committee of the Red Cross’ Position on Autonomous Weapons Systems, could conceivably be considered to fill this void at least partly, albeit in a non-binding manner. When considered together with Article 36, these non-binding legal instruments could add predictability and consistency to the state parties’ reviews. Consequently, this paper will examine whether Article 36, in combination with the various non-binding instruments and national positions of state parties to Additional Protocol I, is viable as a binding stopgap measure to regulate AWS. As a result, the structure of the article is trifold. The first part focuses on Article 36, the second on the non-binding guiding instruments, and finally, when both are considered together, whether Article 36 could fulfil such a stopgap role.
</abstract>

Customary International Humanitarian Law and Article 36 of Additional Protocol I to the Geneva Conventions: A Stopgap Regulator of Autonomous Weapons Systems?

<abstract><title style='display:none'>Abstract</title><italic>The article presents problematic issues resulting from the Polish presence on the historical eastern border of the II Rzeczpospolita (Republic of Poland), or, as it is called in the Polish national discourse, “Kresy”. The notion of Kresy, to a certain extent, corresponds to the notion of ‘borderland’. However, the latter is neutral and used mostly in scientific discourse, whereas the former alludes to Polish national awareness in literature and much of the historical writings and presents itself as the lost centre of “Polishness”. This way, contemporary Polish historical memory makes substantial claims towards this space, both in a geographical and historical sense, while hardly tolerating the presence of indigenous, non-Polish populations inhabiting the area- Lithuanians, Belarusians, and Ukrainians. In order to revise these issues in the article, I have adopted a postcolonial studies perspective. Looking at Poland through the lens of postcolonial studies reveals that it holds a unique position due to its double status. Historically speaking, Poland occupied both the position of the colonizer and of the colonized. However, popular Polish imagination tends to see Poland only in its role of the oppressed victims of its powerful ibjesial neighbours. The dominant role of Poland and its version of colonial policy adopted towards its contemporary eastern neighbours is obscured or simply denied both in popular and scientific discourse. The analysis of the role of the “myth of Kresy”, proposed here, hopes to contribute to the understanding of the implications of the Polish contemporary “orientalism”.</italic></abstract>

Poland and Its Eastern Neighbours: A Postcolonial Case Study

ACADEMIC LIFE: The Uniting of Europe: A Memoir of Ernst B. Haas

<abstract>
<title style='display:none'>Abstract</title>
The European accession policy has acquired a special and exceptional character since 2022 against the backdrop of the Russia-Ukraine war. The separation of the Association Trio countries (Ukraine, Moldova, Georgia) caused a non-uniform assessments in Georgia (giving candidacy to Ukraine and Moldova, and potential candidacy to Georgia). In the situation of extreme polarization and politicization of opinions, it is important to outline the legal and historical facts regarding the specifi cities of EU–Georgia relations and to evaluate scientifi cally Georgia’s geopolitical destiny (the possibility of joining the EU) in the light of global and regional processes. The article presents the various aspects of the difficulty and complexity of the EU enlargement towards Georgia, which actually go beyond the context of the full fulfi llment of the twelve conditions given to Georgia by the EU; synchronization of commitments issued by the European Commission for all Association Trio countries, making clear that the only distinguishing condition for Georgia in reality is the issue of depolarization; the possibility to fulfil the condition of depolarization in the current political situation in Georgia; the context of the historical dynamics of divergent approaches of the EU towards Ukraine, Moldova, and Georgia; the priority of saving the results of the 30-year struggle for freedom against the backdrop of Russia–Georgia wars, and the European future in Georgia and overcoming the ongoing distrust between Georgia and the EU (as the highest value) compared to the value of conditionality.
</abstract>

Features of EU Enlargement Policy: A Vision from Georgia

<abstract>
<title style='display:none'>Abstract</title>
The article investigates Georgia’s ongoing Europeanization process, a well-established topic in contemporary research. The study, on the other hand, focuses on the highly complex and largely unexplored field of labor relations, which has been in constant motion since the signing of the Association Agreement between Georgia and the European Union in 2014. The article explores the development of the Occupational Safety and Health Policy as a unique case study, showing the Georgian government’s partial commitment to meeting its obligations under the Association Agreement. This commitment has raised the Occupational Safety and Health Policy to a critical component of public policy-making, paving the way for considerable changes in labor relations across the country.
</abstract>

“Unexpected” Europeanization: The Impact of EU-Georgia Association Agreement on Occupational Safety and Health Policy in Georgia

<abstract>
<title style='display:none'>Abstract</title>
The article discusses the importance of modernizing and securing critical infrastructure in Georgia, particularly within the context of its geopolitical position and evolving economic landscape, by building an appropriate legal framework. The article outlines the signifi cant impact of cyberspace on traditional sectors such as energy, transportation, and telecommunications, necessitating a re-evaluation of critical infrastructure in the digital age. Highlighting Georgia’s aspirations to align with European and Euro-Atlantic structures for enhanced national security and democratization, the study emphasizes the need for regulatory and legislative frameworks that would be compatible with EU standards. Drawing on a comparative analysis between Estonia and Georgia, the research identifies gaps and areas for improvement in Georgia’s critical infrastructure protection (CIP) system. Through the examination of Estonia’s successful transformation from a Soviet-era environment to a robust EU-compatible CIP system, the study offers recommendations tailored to Georgia’s context.
</abstract>

Building a Legislative Framework for Securing Georgia’s Strategic Assets

<abstract>
<title style='display:none'>Abstract</title>
The article discusses the problematic linkages between higher education and the development of a knowledge-based economy in Georgia. The main challenges, as identified through qualitative and quantitative research, are caused by, on the one hand, the lack of state’s long-term strategic vision of higher education development, insufficient funding of both education and research, and instrumentalization of the higher education system for political interests. On the other hand, however, the lack of awareness among industry representatives about their own role in supporting the commercialization of research further hinders the creation of a knowledge-based economy in Georgia.
</abstract>

Higher Education Policy and Practice: What Hinders the Development of Knowledge-Based Economy in Georgia?

<abstract>
<title style='display:none'>Abstract</title>
Located at the intersection of Asia and Europe, Georgia’s tourism industry encounters unique challenges amidst regional geopolitical tensions, notably the ongoing Russian-Ukrainian confl ict and the subsequent Russian migration. This article employs both qualitative and quantitative research methods to explore the impacts of these political realities on Georgia’s tourism sector and advocates for a strategic reorientation towards European integration as a means of promoting sustainable development. Drawing insights from qualitative interviews with key stakeholders and quantitative surveys with international tourists, the study unfolds the complex relationship between politics and tourism. Despite the predominantly negative perception of the infl ux of refugees, concerns about rising prices, perceived changes in service quality, and the expanding presence of Russian-owned businesses, the resilience and appeal of Georgia’s tourism realm remain evident. Specifi cally, all respondents recommended Georgia as a tourist destination and reported feeling safe during their stay. The study also presents a comparative perspective, evaluating the potential effects of further European integration on Georgia’s tourism landscape, and underscores key mitigation strategies, including policy development, diversifi cation of tourism offerings, strategic communication, digital platform advancement and utilization, and in general, the adoption of European best practices in sustainable tourism. These findings emphasize the need for nuanced, proactive, and inclusive policymaking and industry regulation in line with Georgia’s European aspirations. This comprehensive exploration provides invaluable insights for stakeholders in the tourism sphere and contributes to the broader understanding of the intricate relationship between geopolitical realities and tourism.
</abstract>

From East to West: Evaluating the Effects of the Russian-Ukrainian Confl ict and Russian Migration on the Tourism Industry in Georgia and the Path toward European Integration

<abstract>
<title style='display:none'>Abstract</title>
The article is devoted to the research of the institution of revocation of share donation and, mainly based on the interrelationship of German civil and corporate law, proposes a dogmatics intended for use in the development of a uniform Georgian judicial law on the issue.
Failure to use corporate legal specifi cs and legal dogmatics in the cancellation of the share donation agreement, which is the direction taken in the latest Georgian judicial practice, may lead to outcomes detrimental to corporate governance and business development. The management of any entrepreneurial entity and, especially, capital-type corporation essentially depends on how the partner will enjoy the rights derived from his share and what influence he will be able to have on making corporate decisions. Of course, it is the general legal duty of the company partner, under both private and corporate law, to exercise the rights arising from the membership in good faith, for the benefi t of the common public interest, to reject any individual mercantile intentions and ensure the company’s management process with a high standard of duty of loyalty. In violation of this standard, the partner may be held individually liable in case of damage to the enterprise, which is considered a kind of neutralizing deterrent against the violation of the duty of corporate loyalty.
Establishing such a uniform judicial practice of cancelling the share donation agreement, without considering the specifics of corporate law, threatens to severely constrain the realization and implementation of the rights arising from the share itself, which is not allowed in corporate law.
</abstract>

Corporate Legal Dogmatics on the Revocation of Share Donation Due to Breach of the Duty of Loyalty

<abstract><title style='display:none'>Abstract</title>The paper analyzes the Digital Economy and Society Index (DESI), which characterizes the development of digital economy. Based on the data of 28 European countries for 2013–2018, using the panel regression, we studied the influence of the consumption index growth by the purchasing power parity and unemployment among the active population on the structural units of DESI. It is shown that a 1% increase in the consumption index results in about 0.2 increase in the DESI, and an increase in unemployment by 1% leads to about 0.2 DESI decline. It is also shown that the 98% value of DESI is actually determined by its previous trends, and therefore it is impossible to increase this index rapidly. Some reflections and conclusions are made on the perspective of the developing states, i.e., Ukraine, that is not yet assessed in DESI ranking.</abstract>

The Analysis of the Digital Economy and Society Index in the EU

<abstract><title style='display:none'>Abstract</title>François Mitterrand had a leading role in directing the course for the European integration process. While he orchestrated the economic integration of Europe, he remained deeply opposed to further political integration within the Communities. This article researches Mitterrand’s rationale for his clear focus on economic affairs and develops his vision for the institutional setting of the European Union (EU). The focus of the article is allocated to four different perspectives that reflect the four pillars of Mitterrand’s European policy: the common currency, the establishment of a closely integrated and small Western European based EU, the development of the Social Europe and of a free trade area between Europe and Africa. It is argued that although EU institutions have been established based on Mitterrand’s design, today’s reality deviates from the conditions on which his plan was based. For Mitterrand, the ideal EU involved a deep-rooted Western Europe with France at its core and a loose association with Central and Eastern Europe. His perception resembles the current discussions of multi-speed Europe and the determination of France and Germany to proceed to the next stage of the integration process. Importantly, Mitterrand’s print can still be recognised in the EU’s social policy included in the treaties, yet still far from being implemented. Notably, like all of the French Presidents, Mitterrand developed a design for Africa in which an extensive free trade area between Europe and former French colonies were to be established. In this proposal, Germany was to be assigned the part of the economic engine behind the actualisation of the proposal, while France was to carry out the role of a required middle man of the transactions. To further assure France’s political predominance over the Communities, Mitterrand designed a common currency for a small number of homogenous Western-European states.</abstract>

Mitterrand and the Great European Design—From the Cold War to the European Union

<abstract><title style='display:none'>Abstract</title>In order to examine the impact of cultural and institutional distance on China’s OFDI towards the One Belt, One Road (OBOR) area, the paper selects 28 countries along The Belt and Road. The empirical results using panel data from 2006-2014 indicate that institutional distance is negatively correlated with China’s outward foreign direct investment (OFDI). At the same time, cultural distance interacts with bilateral trade, resulting in a “benefit of foreignness” effect.</abstract>

How Do Cultural and Institutional Distance Affect China’s OFDI towards the OBOR Countries?

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Tallinn Law School, Department of Law, School of Business and Governance, Tallinn University of Technology

 TalTech Journal of European Studies (abbreviation TJES) is a semiannual international peer-reviewed research journal (formerly known as the Baltic...

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 TalTech Journal of European Studies (abbreviation TJES) is a semiannual international peer-reviewed research...

TalTech Journal of European Studies

Tallinn Law School, Department of Law, School of Business and Governance, Tallinn University of Technology

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