Love- The Gaps of the dispute settlement process of WTO Research Paper

Love- The Gaps of the dispute settlement process of WTO - Research Paper Example The WTO agreements include intellectual property, goods and services2. They state the principles of liberalizations along with the legalized exceptions. They comprise of obligations of individual countries to lessen custom tariffs along with other trade obstacles and to open service markets3. The methods of settling the conflicts are also prepared by them. The agreements tend not to be static in nature, however, they are renegotiated according to the requirements and thus newer agreements can be added to the package4. It is quite significant for the government to make their trade policies quite transparent by informing the WTO regarding the laws in force along with the measures adopted as per the WTO agreements. Numerous WTO councils’ along with the committees’ main function is to check if the requirements are being followed and the WTO agreements are being executed correctly5. In order to put into effect the rules and to ensure that the trade is conducted in a smooth way, the WTO’s method for solving the trade conflicts under the Dispute Settlement Understanding is crucial6. The countries bring into notice the disputes if they feel that their rights under the agreement are being disobeyed. Judgments by specially appointed independent experts are generally based upon interpretations of the agreements along with involvement of the individuals. The members of the WTO have approved to the fact that if they feel that their fellow-members are not obeying to the trade policy then in order to settle the disputes they will make use of the bilateral system rather than taking steps unilaterally7. This implies that it is significant for them to abide by the decided methods and thus value the judgements. The WTO’s conflict settlement conformity is also referred to as the ‘Understanding on Rules and Procedures Governing the Settlement of Disputes (DSU)’. It is the main