THEROLEOFTHEWORLDTRADEORGANISATIONINRESOLVINGTRADEDISPUTESUNDERINTERNATIONALLAW
- Project Research
- 1-5 Chapters
- Abstract : Available
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- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
In 1995,the WorldTrade Organisation (WTO)wasestablishedas the only internationalOrganisationdealingwith theglobal rulesoftradebetween nations.Its primary functionwas to ensure that trade flows assmoothly,predictably andfreely as possible.At theheartofthesystemaretheWTO’sAgreements,whicharethelegalrulesforinternationalcommerce.
Thisstudy aims atappraisingtheroleof theWTOinsettling trade disputes.Specifically,thisstudy wouldexamine theWTO Dispute Settlement System,identify the objectivesofthe system and whether or not the system allows for the actualization of these objective. Thestudy wouldalso evaluate its performance and make recommendations basedon researchfindingsonhowthesystemcanbemademoreeffective.Inundertakingthistask,theresearcherwouldemploythehistoricalrecordreviewandlibraryresearchmethodsaswellas interact with individuals and bodies concerned with international trade, as well as WTObodiesconcernedwithsettlingtrade disputes,andpersonalobservations.
Disputes in the WTO arise when one country adopts a trade policy measures or takes someactions that one or more members considers to be inconsistent with the obligations set out inthe WTO agreements. Settling trade disputes in atimely and structured manner is importantin order to realise the practical value of the commitments the signatories undertake in WTOagreements.
ThecentralobjectiveoftheWTOdisputesettlementsystemistoprovidesecurityandpredictability to the multilateral trading system. In addition, the system is to preserve andclarifytherightsandobligationsofthemembersundertheWTOAgreements,aswellas
ensurethatdisputesaresettledpromptlyandmembersareprohibitedfromunilateraldetermination of their disputes.In carrying out its mandate, the WTO dispute settlementsystem has decided several disputes among member nations of the WTO, covering diverseareasoftheWTOagreements.Infact,theperformanceoftheWTOdisputesettlementsystemhasbeengenerallydescribedassuccessful.
Thisnotwithstanding,theWTOdisputesettlementsystemisbesetwith many problems,obstacles andchallenges,which makesitimpossible forittoachieveits objectives.Thus,theobjectivesofthesystemhavenotbeensatisfactorilymetduetoimplementationproblems, inadequate funding,lack of transparency andaccess tothesystem, adhoc natureofpanels,aswellaslacunasintheDSU.
ConsideringtheimportanceoftheWTO’sroleofsettlingtradedisputestothestabilityoftheglobaleconomy,adequateattentionshould begiven tothesystem.Accordingly,theWTO dispute settlement body should be adequately fundedthat would meetthe increasedwork load of the DSB. The lacunasin the DSU shouldbe correctedandthe system mademoretransparentandaccessibletothepublic.Furthermore,thesystemshouldadoptadequate panelist that can meet the increased complexity of the substance of cases presentedbeforepanelsnowadays.
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