WTO Dispute Settlement and Developing Countries
Added on 2020-10-05
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TRANSNATIONALCOMMERCIAL LAW 2
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Critically evaluating the statement with the fundamental principles which underpinning theWTO............................................................................................................................................1Arguments on the way WTO operates in global trading order...................................................4CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONTransnational commercial law is the set of rules which is developed to provide guidelinesfor international commercial transactions which is common for number of legal systems. Motiveof this body is to establish laws and uniform more clearly so that business lawyers will able todeal with daily routine activities which opposed by other associated terms (Jupille, 2018). Thus,world trade organisation is the only international institution which is established to deal withtrade between countries across the world. In this report, explanation will be provided on role ofWTO and its impact on developing countries. Further, rules of WTO will be discussed withappropriate recommendation in order to reform global trading system.MAIN BODYCritically evaluating the statement with the fundamental principles which underpinning the WTOWTO is a set of body which plays a crucial role in international trade, global economies,political and in legal issues which arises because of globalisation in international businesses. It isconsidered as most powerful institution in resolving trade related barriers (Aman andGreenhouse, 2017). Its goal is to help in services like import, export to its member countries sothat business activities get developed in very peaceful manner. Thus, role of WTO ininternational businesses are as follows-It assists implementation and also operations for conducting smooth flow of operations oftrade agreements between the countries.Through effective rules and regulations, it provides settlement disputes for its membercountries.The body also provide its cooperate with international monitory fund and to world bankin order to develop smooth global economic practises.Thus, it can be said that main role of WTO is to settle trade related disputes through itsguidelines and through agreement so that trade related war get settled. It is a body whichconcerned with regulations of international trade between nation. It also deals with regulation oftrade in relation to goods and services and also for intellectual property between its membercountries so that smooth flow of trade relations will get developed (Zumbansen, 2019).World Trade organisation which designed to improve free trade between its membercountries1
It is said that agenda of WTO is to implement agreement between its member country sothat smooth flow of business trade get developed. But it is also true that its agenda is to maintaingood trade system between develop and developing countries. It is also the motive of WTO thatthe least developed countries get marginalised in world trade system and their products will ableto get serve in other countries too (Watt, 2016).It is also true that role of WTO is to improve free trade between its member countries, itis because to raise living standard of people who live in such countries and to increase theireconomy. This body generally deal with agriculture, textiles and clothing, banking,telecommunication, government purchases, industrial standards, product safety, food sanitationregulations and for much more. However, its main principles of trading system are as follows-Trade without discrimination:This is the type of agreement where countries cannot able to discriminate with theirtrading partners. This is the principle which considered as most-favoured-nation treatment. Thisis the principle which state that each agreement is handled sightly different for covering all themain areas of trade. However, some exceptions are allowed in this principle where countries willable to set up free trade agreement which applies to goods which only traded within groups.Motive of this principle is to provide special access to developing countries for their marketbusiness. It is also a motive of this principle to raise barrier against such products whichconsidered to be treated unfairly in specific countries and there has been a discrimination ongoods and services which get imported (Sen, 2018). The rule also stated that when a countrylower its trade barrier or opens up a market then they also have to do this for their trading partneralso whether they are rich, poor ,weak or strong.National treatment: treating foreigners and local equally-According to this principle which states that after foreign goods entered market thensuch imported and locally produced goods must be treated equally. This is the rule which appliedto both foreign and domestic services and to local trademarks, copyrights and patent as well. Thenational treatment will only get applied when a item of intellectual property, product or servicesget entered in the market of trade. Thus, to charge custom duty on import is not a type ofviolation of national treatment.Free trade: gradually through negotiation:2
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