THE ROLE OF THE WORLD TRADE ORGANISATION IN RESOLVING TRADE DISPUTES
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Closer relationships have numerous advantages, but they can also cause friction: increased trade increases the likelihood of disagreements. Such disagreements have previously erupted into serious conflict. Today, however, international trade tensions are lower because countries can turn to organizations, particularly the WTO, to settle trade disputes.
There was no forum for global trade negotiations prior to World War II, and no legal procedure for resolving disputes.
Following the war, the world’s trading nations negotiated trade rules, which are now entrusted to the WTO. It is critical for reducing tension if they can settle their differences through dialogue and agreement on ground rules.
These rules also require members to bring their disputes to the WTO rather than acting unilaterally.
Dispute settlement is sometimes referred to as the WTO’s “crown jewel.” It is the central pillar of the multilateral trading system and the WTO’s unique contribution to global economic stability.
The WTO Dispute Settlement System directs countries’ attention to the rules. After a verdict is announced, countries focus on following the rules and possibly later renegotiating them — rather than declaring war on each other.
Since its inception in 1995, the WTO has heard over 400 disputes. Some of these could have escalated into more serious political conflict if they had not been addressed constructively and harmoniously.
Because the disputes are based on WTO agreements, there is a clear basis for determining who is correct or incorrect. Once the decision has been made, the agreements serve as the focal point for any subsequent actions that must be taken.
The growing number of WTO disputes does not correspond to increased global tension. Rather, it reflects the world’s growing economic ties, the WTO’s expanding membership, and the fact that countries have faith in the system to resolve their differences.
The exchanges between conflicting countries can be acrimonious at times, but they always aim to adhere to the agreements and commitments that they themselves negotiated.
Developing nations are more involved in WTO disputes.
Overall, the annual number of disputes has decreased. Developing countries are active, reflecting their growing trade participation. However, their share of disputes — whether initiating or being the subject of complaints — has fluctuated over time.
THE ROLE OF THE WORLD TRADE ORGANISATION IN RESOLVING TRADE DISPUTES
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