A dispute arise when a member’s government believes another member government is violating an agreement or a commitment that it has made in the WTO. The WTO has one of the most active international dispute settlement mechanism in the world.
International trade is the exchange of goods and services between the countries. Trading globally gives consumers and countries the opportunities to be exposed to goods and services not available in their own countries. The importance of International trade was recognized by the political economist such as Adam Smith and David Ricardo.
International trade not only results in increased efficiency, but it also allows countries to participate in a global economy, encouraging the opportunity for foreign direct investment (FDI). In theory, economies can thus grow more efficiently and become competitive economic participants more easily. For the receiving government, FDI is a means by which foreign currency and expertise can enter the country. It raises employment levels and, theoretically, leads to a growth in the gross domestic product (GDP). For the investor, FDI offers company expansion and growth, which means higher revenues.
Maintaining trade relations is an important key for an International trade. Good relations between nations creates co-operation, mutual interest and friendship. Maintaining peace with other countries and trying to help out each other and making good relationship helps I improve good relation.
The causes of trade disputes are mainly due to break-down of communication, lack of appreciation and respect, change of economic and commercial circumstances, different legal concept and change in law, technical problems and defective products, impact on third parties and force majeure, Different views of underlying facts.
The dispute has seen the US and China impose tariffs on hundreds of billions of dollars’ worth of one another’s goods.US President Donald Trump has long accused China of unfair trading practices and intellectual property theft. In China, there is a perception that America is trying to curb its rise as a global economic power. Negotiations are ongoing but have proven difficult. In January, the two sides signed a preliminary deal but some of the issues remained unsolved. Uncertainties around the trade war have hurt businesses and weighted on the global economy.
The Three basic type of International dispute resolution mechanism are 1. Mediation 2.Non-Binding Arbitration 3. Binding Arbitration. One of the World Trade Organization’s functions is to resolve international trade problems. Fortunately, any member can file a complaint with the WTO against another member they believe is dumping, unfairly subsidizing or violating any other trade agreement. If the WTO decides the case is valid, it has the authority to levy sanctions on the offending country.
The staff will then investigate to see if a violation of any multilateral agreements has taken place. The WTO staff first try to settle disputes through consultations. Since 1995, members had filed more than 500 disputes. Only about a third needed to be reviewed by a panel before being resolved. Most of them were settled “out of court” or are still in the consultation process. As a result, only 350 formal rulings needed to be issued.
An International economic activities are increasingly linked, improving the comparability of domestic production and other economic data with data on international economic activities will enhance the analytical usefulness of existing data. Moreover, as the world economy becomes increasingly interdependent, international economic activities will require more comparable economic data across countries.
I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.
If you are interested in participating in the same, do let me know.
The copyright of this Article belongs exclusively to Ms. Aishwarya Sandeep. Reproduction of the same, without permission will amount to Copyright Infringement. Appropriate Legal Action under the Indian Laws will be taken.
If you would also like to contribute to my website, then do share your articles or poems at email@example.com
We also have a Facebook Group Restarter Moms for Mothers or Women who would like to rejoin their careers post a career break or women who are enterpreneurs.
We are also running a series Inspirational Women from January 2021 to March 31,2021, featuring around 1000 stories about Indian Women, who changed the world. #choosetochallenge