© Reuters. A logo is pictured outside the World Trade Organisation (WTO) in Geneva, Switzerland, September 28, 2021. REUTERS/Denis Balibouse/File Photo

By Emma Farge

GENEVA (Reuters) – A draft proposal on reforming the World Trade Organization leaves open the question of resolving the organisation’s broken appeals bench and asks trade ministers to decide later this month, according to documents seen by Reuters on Wednesday.

A seventh and final version of a reform proposal marked ‘Confidential’ gave no details of an appeal mechanism to replace the Appellate Body which was shuttered in 2019 following repeated U.S. moves to block judge appointments.

Some 30 WTO disputes are currently in legal limbo because there is no way of settling them.

The proposal was presented at a WTO special meeting in Geneva on Wednesday to finalise preparations ahead of a meeting of trade ministers in Abu Dhabi between Feb. 26-29 to discuss the reforms and other topics.

Guatemala’s Marco Molina, who is facilitating the talks, said that discussions were ongoing on finding a solution to the question of appeals and that “significant progress” had been made, according to trade sources attending the private session.

And while the document left the question of the appeals court open, it did create options for the WTO to resolve trade disputes informally and introduce tighter deadlines for concluding them.

Read the full article here

Share.

Leave A Reply

Your road to financial

freedom starts here

With our platform as your starting point, you can confidently navigate the path to financial independence and embrace a brighter future.

Registered address:

First Floor, SVG Teachers Credit Union Uptown Building, Kingstown, St. Vincent and the Grenadines

CFDs are complex instruments and have a high risk of loss due to leverage and are not recommended for the general public. Before trading, consider your level of experience, relevant knowledge, and investment objectives and seek financial advice. Vittaverse does not accept clients from OFAC sanctioned jurisdictions. Also, read our legal documents and make sure you fully understand the risks involved before making any trading decision