This essay delves into international commercial law, focusing on the World Trade Organization (WTO) and arbitration as a dispute resolution mechanism. It begins by outlining the history and role of the WTO, from its origins as a successor to GATT to its current function as a regulator of international trade. The essay discusses the strengths of the WTO, such as its multilateral system promoting peace, its non-discrimination standards, and the TRIPS agreement protecting intellectual property rights. It also examines the weaknesses of the WTO, including failures in dispute resolution and the challenges faced by developing nations. Furthermore, the essay explores the advantages and disadvantages of arbitration in resolving international commercial disputes, specifically within the Australian context, weighing the benefits against the costs involved. The document is available on Desklib, a platform offering study tools and solved assignments for students.
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