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WTO (Appellate Body: Issues (seven members appoint ed by Dispute
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WTO
Appellate Body: Issues
seven members appoint ed by Dispute
Settlement Body (DSB) for four-year terms
-May be reappointed for another four year term
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If no appointment is made, it will be simply
destroyed by December, 2019.
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Historical Perspective
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Estd because of the need for International organisation to establish multi-lateral rules for settlement of trade disputes
Between 1946-48, multilateral conferences led to adoption of Havana Charter, the draft agreement for creation of ITO
US rejected ITO. Hence, GATT replaced ITO( as adhoc and provisional mechanism)
4 decades later, US drove the agenda for WTO basically to pursue its own commercial interests
Trade Principles
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National Treatment: Imported and locally produced goods should be treated equally. Applies for goods, services, IP rights
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Main agreements
GATT: For reduction of tariffs and other trade barriers
-Signed in 1947, mods in 1994, still in vogue under WTO framework
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TRIPS: It is an International Legal agreement. It sets minimum standards for the regulation by national govt of many formsof Intellectual property. Came into force 1st Jan 1995
TRIMS(Trade Related Investment measures): Rules that apply to domestic companies will apply to foreign Investors. Foreign investors should not be discriminated
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