Consider the following statements regarding World Trade Organisation WTO 1 The Uruguay Round ne...........

Economic Affairs World Trade Organsiation (WTO)

Download Solution PDF

Consider the following statements regarding World Trade Organisation (WTO):

1. The Uruguay Round negotiations (1986-1994) culminated in the creation of the Dispute Settlements System( DSS) .

2. The General Council is WTO’s highest decision-making body and it also meets as the Dispute Settlement Body(DSB).

3. Appellate Body is a seven-member permanent organ that adjudicates appeals within the DSS.

1 and 2 only

1 and 3 only

2 and 3 only

1,2 and 3

छोटे Courses बड़े Results

Master World Trade Organsiation (WTO)

Prepare through Micro-courses

Try Now

Explanation:

Dispute Settlement System (DSS) is a mechanism to resolve trade disputes between member states. It utilises both political negotiation and adjudication for dispute resolution.

• The Uruguay Round negotiations (19861994) culminated in the creation of the DSS and the adoption of the Dispute Settlement Understanding (DSU) to govern trade disputes between member states.

• The DSU embodies important principles for the functioning of the DSS:

to provide stability and predictability to the multilateral trading system
to establish a fast, efficient, dependable and rule-oriented system to resolve disputes

• Dispute Settlement Body: The General Council is WTO’s highest decision-making body and it also meets as the DSB.

It is essentially a political body and it administers rules and procedure of the DSU.
Decisions are taken here by the reverse consensus method. That is, the decision is adopted unless there is consensus against it.

• Appellate Body (AB): AB is a seven-member permanent organ that adjudicates appeals within the DSS.