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India says if disputes are not resolved then WTO will lose trust among member nations
Abu Dhabi: Dispute settlement is a very important part of the WTO but this arm has not been functioning for the past four years. And surprisingly, the main culprit is the US, which champions free market. The US has not yet approved the judges to the dispute resolution structure for four years, due to which the appellate system has come to a standstill. At present, about 30 important appeals are pending at WTO.
The matter was discussed on Wednesday after which India gave a sharp reaction, saying the dispute resolution mechanism should be given highest priority among reforms. If the appeal system does not work then WTO’s credibility will be in danger. India questioned the delay in setting up a formal and systematic appeal and dispute resolution framework as was decided at the Geneva meeting in 2022.
However, if sources are to be believed, there seems to be little hope of reaching a consensus on improving the dispute resolution mechanism in Abu Dhabi.
Not only India, representatives of many countries of the world were also upset that because of America, the most important part of the trade organisation has become ineffective. Due to the non-functioning of the WTO supreme judicial body, disputes are now being resolved informally at the lower level.
India has presented a three-point agenda to improve the dispute resolution system. According to the announcement of the Geneva meeting, it is mandatory to formalise this informal system. In this new system, developing and small countries should get adequate space and facilities so that this system can be transparent and fair.