The WTO is a treaty between countries. If a country ratifies these treaties, the laws of...

The WTO is a treaty between countries. If a country ratifies these treaties, the laws of the WTO become domestic law in that country. Name and explain the big three laws/principles of the WTO to which all member countries agree to adhere to. Explain, Discuss.

Expert Solution

Solution -

The WTO began its operations in the year 1955 and it's three major principles are as follows -

1. No Discrimination Rule - All WTO ratifying nations must ensure it observe the most favoured nations rule and national treatment rule. The most favoured nations rule states states that whatever concessions are provided to other nations are necessarily to be provided to all WTO nations without any discrimination. The national treatment policy states that all imported goods will be treated equally as all domestic goods in the same category.

2. Reciprocation Rule - There are many concessions that various nations gain through the most favorable nations rule and this needs to be reciprocated by the free riding nations to the parent nations so that all gain equally with the relationship and such negotiation should be carried out to ensure that the balance is maintained.

3. Enforceable Commitment - Under WTO international contracts there are many tariffs that are agreed upon for trading purposes. These are binding and enforceable in nature and can be changed only by mutual agreement of all parties. If there is some dispute in this regard then the complaint can be lodged for redressal and resolution under WTO dispute settlement norms.

keosha answered 1 year ago

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