WTO DISPUTE SETTLEMENT SYSTEM AND TRANSPARENCY OF THE PROCESS THROUGH THE SCOPE OF SIMILARITIES AND DIFFERENCES WITH INTERNATIONAL TRADE ARBITRATION
Abstract
WTO dispute settlement system with all its specific characteristics represents a great achievement in the field of international trade. Throughout a decade long process of developing WTO dispute settlement system, an effective mechanism for resolving disputes has been made. This mechanism expresses its own peculiarities through the bodies that resolve disputes between states. The paper will show the evolution of WTO dispute settlement system and indicate the key trends that can be identified through increased transparency of the process - resulting in a significant level of confidence and trust in the institution - as well as certain aspects that detect similarities and differences in the dispute settlement process under the WTO and arbitration in the international trade arbitration.
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