WTO: Interim arrangement for global trade disputes
The World Trade Organization said that attempts are being made to set up a “stop-gap” arrangement to resolve global trade disputes through arbitration. On 11th December, WTO’s Appellate Body became dysfunctional, with the US blocking the filling of six vacancies at the dispute settlements body.
On Friday, EU & a couple of other countries discussed a two-page “confidential” proposal called ‘towards a multi-party interim appeal arbitration arrangement”. The proposal clarifies that “the objective is not to reform the system.” Reform will be pursued separately.