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The Importance Of International Trade Regulation Mechanisms Has Risen

1853 words - 8 pages

Since the global power shift caused by the advent of new political arena - international organization, the importance of international trade regulation mechanisms has risen. Currently, out of dozens of such mechanisms, the World Trade Organization performs its role of the most prominent international economic organization. WTO, established in 1995 as a successor of GATT is aimed at “helping trade flow as freely as possible” by liberalizing it. It has over 150 state-members and therefore is inevitable faced with an ample amount of obstacles, mainly with overlapping interests and conflicting agendas. However, it has managed to dramatically advance to the improved instrument of reaching the ...view middle of the document...

To do so, the deeper understanding of the system is needed therefore, firstly, the structure of the system are described and its main procedures are analized. Therefore, the main question of the research paper is: “To what extent
economically and politically weaker states are able to defend their interest in the framework the Dispute Settlement System of WTO, to what extent they are disadvantaged in relation to the developed countries? The paper will be divided into two parts: first chapter will examine and assess in more details how system operates in practice; In the second chapter the major problem of developing states not being able to defend their interest by virtue of their financial situation and absence of specialized experts will be analyzed. In the end of the paper, the conclusion based on the arguments in the chapters on whether the system has proven to be be biased against developing countries.
Settlement System

Brief overview of Dispute Settlement Body
Dispute Settlement Understanding is an agreement conducted in 1994 that sets rules for managing disputes between members states of WTO. It is designed to provide security in a complex multilateral trade. In the words of the WTO it is "the central pillar of the multilateral trading system, and the WTO’s unique contribution to the stability of the global economy." Indeed, It is a successful result the of Multilateral Trade Negotiations due to the fact that it established a positive transition to the improved method of handling dispute. The main change was the elimination of consensus requirement on the key stages of settling disputes what definitely has raised its effectiveness. In this chapter I would like to elaborate when/in which case a state can apply to that system and what procedures are followed.
Firstly, it is needed to be clarified that a dispute arises "when a member government believes another member government is violating an agreement or a commitment that it has made in the WTO". There are three main categories under which the disputes arise:
-Disputes on trade in goods that constitute the majority out of disputes handled( I this case, applicable substantive law is mainly the General Agreement on Tariffs and Trade, GATT);
- Disputes on trade in services (General Agreement on Trade in Services - General Agreement on Trade in Services, GATS);
- Disputes over intellectual property objects ( Agreement on Trade-Related Aspects of Intellectual Property Rights , TRIPS).
As it is stated in WTO's constitutional structure, the Dispute Settlement Body has "the sole authority to establish “panels” of experts to consider
the case, and to accept or reject the panels’ findings or the results of an appeal. It
monitors the implementation of the rulings and recommendations, and has the
power to authorize retaliation when a country does not comply with a ruling (http://www.wto.org/english/thewto_e/whatis_e/tif_e/utw_chap3_e.pdf)
To be more precise, If any member...

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