WTO to have a fully functional dispute settlement system by 2024

Daily Current Affairs / WTO to have a fully functional dispute settlement system by 2024

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Category : International Published on: September 14 2023

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The G20 leadership summit has declared it will work towards having in place a fully functional dispute settlement system at WTO by 2024.
It has been almost four years since the World Trade Organization’s Appellate Body, which is the dispute-settlement arm of the WTO, became defunct, thus affecting developing countries adversely.
There are two main ways to settle a dispute once a complaint has been filed in the WTO
First – The countries find a mutually agreed solution, particularly during the phase of bilateral consultations
Second -Through adjudication which includes ruling by a panel and if not satisfied, challenging that ruling at the appellate body.

WTO to have a fully functional dispute settlement system by 2024