THE DISPUTE SETTLEMENT UNDERSTANDING OF THE WORLD TRADE ORGANIZATION: CONTINUITY AND CHANGE

Abstract

There is a level of anxiousness to device means of correcting the lapses existing under the current mechanism   of   settlement   of   international   trade   disputes   through   the   Dispute   Settlement Understanding of the World Trade Organization. This anxiousness not only intensifies the culture of fear about the unfair practices under the Dispute Settlement understanding processes, but they also  increase  demands  for  pressurizing  the  World  Trade  Organization  to  respond.  This  paper  is therefore aimed at presenting a review of the problems inherent in the settlement of trade disputes using the Dispute Settlement Understanding processes. It raises the pertinent issue of continuity and  change  with  respect  to  this  Dispute  Settlement  Understanding. It  is  hereby  argued  that  theDispute Settlement Understanding is deficient and so, the processes and procedures adopted under it should be amended towards achieving the best result. It cannot be over emphasized that anything short of the best result would negatively affect not only the economies of the disputing states but the  global economy  as  a whole. The method  adopted in this research is  mainly doctrinal.  It has been  found  that  with  the  increasing  vulnerability  of  developing  countries  within  the  global economic  politics,  more  attempts  should  be  made  towards  protecting  them  in  trade  disputes involving them and the developedcountries. This paper concludes that, if this Dispute Settlement Understanding should subsist, there is need to improve upon it.