Public of international trade law Essay Example | Topics and Well Written Essays - 3000 words

Public of international trade law - Essay Example Despite the perceived freedom of global grade, there are still a lot of laws that needs to be complied with. These, of course, are governmental in proportion. These meant bulks of products that pass through territorial boundaries as well as impact on fuel consumption, transported delivery, as well as mass distribution and consumption of goods. The integration of economies also led for the need to streamline laws and regulations in international manner. The attempt to improve the international trade system for the last century was the establishment of the General Agreement on Tariffs and Trade or GATT. For without a governing body, conflicts will surely arise. The GATT, however, was seen to be problematic. It is why a new body was established, which was the World Trade Organization, and with it, a dispute settlement and resolution systems that established as well as oversee issues and challenges brought forth between aggrieved and respondent countries as well as their trading partners where inequality was perceived. This paper will try to discuss extensively the need for reform, if any that should be made on the WTO dispute settlement system. ... The functions of WTO includes administration of trade agreements, serve as a forum for trade negotiations, handle trade disputes, monitor national trade policies, assist and train developing countries, and cooperate with other international organizations2. It claims to have â€Å"helped to create a strong and prosperous international trading system, thereby contributing to unprecedented global economic growth,†3. Today, there are 153 country members and 117 of these are developing countries. It has a Secretariat with about 700 staff led by the WTO Director-General. The Director General stated that â€Å"decisions in the WTO are generally taken by consensus of the entire membership† although it has its own institutional body - the Ministerial Conference and the General Council which is the WTO’s highest-level decision-making body 4. By doing its work, the WTO proposed that national markets opened to â€Å"international trade, with justifiable exceptions or with a dequate flexibilities, will encourage and contribute to sustainable development, raise people's welfare, reduce poverty, and foster peace and stability. At the same time, such market opening must be accompanied by sound domestic and international policies that contribute to economic growth and development according to each member's needs and aspirations†5. Dispute Settlement The WTO resolves trade misunderstanding under the Dispute Settlement Understanding. The DSU facilitates smooth trade flows and member countries bring their cases to WTO once their rights under the agreements were violated. While decisions were made by so-called independent experts, these experts were appointed and their judgment is usually based on interpretations of the agreements