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Resolution in International Trade Essay Example

Resolution in International Trade

The value of GATT in the resolution of disputes in international trade cannot be doubted. However, it should be mentioned that because its structure, GATT was offered for violations of common international ethics, a fact which was appropriately used by countries worldwide when they tried to improve their position in the context of the international market. Deveraux et al. (2006) refers to the case of Japan, which used the benefits derived from the ‘liberalization countermeasures’ scheme - available in GATT (2006, p.164). It became clear that the GATT system should be alternated in order to respond to the increased needs of international trade. The update of the GATT system and the introduction of WTO Dispute Settlement System were the main subjects of the Uruguay Round (1994).In accordance with Petersmann (1997), the main differentiation between GAPP and the WTO Dispute Settlement System (DSS) is the fact that the former offered to the parties of a dispute the option to choose the jurisdiction applied on their case. On the other hand, in the context of WTO DSS, there is no such option available. Rather, the new System is more integrate introducing specific criteria on the choice of jurisdiction; under the WTO DSS, ‘there is no scope for ‘rule shopping’’ (Petersmann, 1997, p.178). In practice, most of the features of WTO DSS have been proved to be effective – especially compared to GATT. For this reason, WTO DSS could be characterized as an ideal tool for dispute resolution in the context of international public law. One of the most important advantages of WTO DSS is that it helps towards ‘the reduction of high costs of legal uncertainty in foreign trade’ (Petersmann et al., 2003, p.513). Furthermore, the structure of WTO promotes fairness and equality in the discussion of international trade disputes. The above target is achieved through the establishment of two different types of institutions, which have the power to deal with international trade disputes in accordance with the WTO rules.

preview essay on Resolution in International Trade
  • Pages: 4 (1000 words)
  • Document Type: Dissertation
  • Subject: Macro & Microeconomics
  • Level: Undergraduate
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