Topic > The importance of international trade regulation...

Since the shift in global power caused by the advent of a new political arena - the international organization, the importance of international trade regulation mechanisms has increased. Currently, among dozens of such mechanisms, the World Trade Organization plays its role as the most important international economic organization. The WTO, founded in 1995 as the successor to the GATT, aims to “help trade flow as freely as possible” by liberalizing it. It has more than 150 member states and therefore it is inevitable to face a large amount of obstacles, mainly with overlapping interests and conflicting agendas. However, it has managed to make significant progress towards the improved tool for reaching consensus in dispute resolution. The current dispute resolution system was established during the Uruguay Round of multilateral trade negotiations, underlining the importance of “preventing the harmful effects of unresolved international trade conflicts and mitigating imbalances between stronger and weaker actors. weak by resolving their disputes based on rules rather than having the power to determine the outcome.” In the context of the so-called dispute resolution system, there are two methods of settling disputes: finding a mutually satisfactory solution through bilateral consultations or resorting to the conciliation body (the DSB). There have been debates over whether the system has become an effective means of regulating disputes between member states over issues such as tariffs, intellectual property and other barriers to global trade. Most WTO countries are developing countries, however only blbla or is sometimes seen as disadvantaged compared to developing countries Most developing countries are not active participants in… a half of the document... there is no industry affected and then we come back to the first problem of lack of finances. The third challenge inevitably arises from the previous one. It is the lack of adequate practical experience of participating in commercial disputes. Due to their less frequent use of the WTO system, developing countries are less incentivized to commit resources to the advancement of their internal legal expert structures. They also cannot benefit from economies of scale that lead to “long-term structural imbalances in the development of legal resources.” In this case, a good strategy to gain experience is to participate in disputes as a third party. However, data shows that developing countries are not able to defend their interests even as third parties. Among developing countries, only a few have had this experience.