Tough task ahead to make WTO's dispute settlement system fully functional: Experts
World Trade Organization will have a tough task ahead to make WTO's dispute settlement system fully functional by 2024 due to divergent approaches proposed by countries like China, and the European Union, experts say. On September 9, G20 leaders expressed their commitment to conducting discussions for having a fully and well-functioning dispute settlement system of WTO by 2024.
Besides formulating norms for global exports and imports, the Geneva-based 164-member multi-lateral body adjudicates trade disputes among the member countries.
The dispute settlement mechanism of WTO has been derailed due to a non-functional appellate body since December 2019.
«We reiterate the need to pursue WTO reform to improve all its functions through an inclusive member-driven process, and remain committed to conducting discussions with a view to having a fully and well-functioning dispute settlement system accessible to all members by 2024, » the G20 declaration has said.
Trade experts said that all the members would have to work together to achieve this 2024 goal.
«G20 members have agreed to pursue WTO reforms, specifically aiming for a functional dispute settlement system accessible to all members by 2024.
