Question

1. Write and essay on dispute settlement mechanism in WTO(World Trade Organization) and combine your explanation with at least one WTO(World Trade Organization) case as example .

2. This year is the 40th anniversary of China opening up and reform, based on your own observation and experience, talk about what China has done right in the opening up and reform, What aspects China should improve, your suggestions.

3. This year is the 5th year of China proposing the “BELT AND ROAD INITIATIVE”, as a student from “BELT AND ROAD” country, write your comments on the initiative, your county’s ordinary people ‘s view on the initiative. Also state What China has done right, What China should improve in the future? What risks may exist? and Your suggestions.

Each question should have more than 1000 words

Answer 1

Question 1). Write and essay on dispute settlement mechanism in WTO(World Trade Organization) and combine your explanation with at least one WTO(World Trade Organization) case as example .

The world today, is seeing increased flow of money and resources from across the globe with major countries realizing that the way to go is through globalization of their markets and economies respectively.

With trade increasing many folds and the demand for international products increasing over the years, the World Trade organization has served as an international body which helps in transactions, provides guidance and helps countries in dealing with international issues and law suits respectively.

The World Trade organization came into existence in 1995 with the aim to smoothen international transactions between countries and allow each member nation a level playing field in trade and economics.

The dispute settlement wing of the World Trade Organization is one of the best examples of how governments want to deal with problems in a mature manner by allowing international trade to be regulated by bodies which can help one another during times of confusion or ill-treatment of resources by any party respectively.

The mechanism works in a way that a member nation can raise a dispute with another when it feels that the interests of the later have been violated upon. The Dispute Settlement body then takes up these cases and in line with established laws of the World Trade Organization, listens to both parties involved and takes a call as per law.

The decision then becomes binding on both parties as per the agreements of the World Trade organization. Since inception the body has been used across by numerous countries to protect their interests against cases such as anti-dumping, patent or trade mark violation or other unfair trade practices by any country on another.

The World Trade organization thus has been able to restrict malpractices by different countries and has largely helped each member nation in growing without harming any other.

There are three main steps in the arbitration process of the World Trade Organization which are as follows:-

• "Consultation between Parties" (Negotiation or Statements)
• "Adjudication by the Panel Appointed" (Judgement)
• "Implementation of the Ruling" (Steps to be taken)

Case Example:-

The case currently referred to in the discussion is that which the European Union had against two countries which is Argentina and Indonesia.

The countries were the largest producers of bio-diesel and it was ruled by the World Trade Organization that they had an unfair advantage on the production of the commodity and were charging heavy taxes on exports of raw materials which could be used in its production, while at the same time were dumping their products into the European markets having a profit margin of as high as 40% in some cases.

The World Trade Organization in this case ruled in favor of the European Union as it believed that producers in the west were being damaged by export tariffs which these countries were implementing.

The ruling that followed proposed imposition of import taxes on bio diesel that came in from these countries so as to allow a level playing field for European players also.

The countries of Argentina and Indonesia had a natural advantage in production which they were misusing by disallowing other countries to act as competition and were dumping their products in huge volume in the Europe and earning super normal profits which was rightly corrected by the World Trade Organization by implementing taxes to nullify the overall effect respectively.

Conclusion:-

Thus, we can reasonably conclude that modern methods of globalization have seen an increasing spike and the overall production and sales across the globe have rapidly increased. This has required international laws to be established and be conducted among all nations.

The World Trade Organization has served as the premium institute which has helped countries in resolving disputes from time to time which if not corrected would have caused major trade issues among participating nations which could have been catastrophic for globalization as a strategy.

To promote fair trade practices across the globe, the World Trade organization is a much needed body which will allow for easier trade norms to be implemented and arbitrage to take place in an easier manner respectively.

Please feel free to ask your doubts in the comments section if any.