Efficacy of the Dispute Settlement Mechanism Under the world trade organisation regime A Study with Special Reference to the concerns of Developing Countries

Abstract

Trade between the nations is very much essential for the development of economy of every country and it helps consumers of different countries to enjoy the benefits of availability of variety of goods. Whenever trade takes place in international level, disputes are bound to arise and to settle them, there must be a dispute settlement system and mechanism and a body to manage and regulate international trade. Efforts were made to establish International Trade Organisation in 1946 and later the General Agreement on Tariffs and Trade (GATT) was established in 1947 to manage international trade. The working of GATT and its dispute settlement system found less effective and various rounds of GATT resulted in the establishment of the World Trade Organisation (WTO) on January 1st, 1995. Under Uruguay Round of GATT, trade in Intellectual Property (IP) also been added with the trade in goods and services. newline