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Revival of WTO Dispute Resolution Mechanism

August 24, 2023

GS Paper III Indian Economy

Context:

India is seeking re-establishment of the dysfunctional dispute resolution mechanism under the World Trade Organisation (WTO).

More about the news:

This move is guided by the principle of common but differentiated responsibility along with a push towards consensus-based decision making.

World Trade Organization (WTO):

The WTO is the only global international organization dealing with the rules of trade between nations as well as maintaining the free flow of trade between its member countries.
Origin: WTO is an international organization set up in 1995 by replacing the General Agreement on Trade and Tariffs (GATT) under the Marrakesh Agreement.
Headquarters: Geneva, Switzerland
Member Countries: WTO has 164 members and India is a founding member of WTO.

Dispute Settlement Mechanism under WTO

News Source: Indian Express

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