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- The second informal meeting of trade ministers from about 20 member nations of the World Trade Organization(WTO) has started in India.
- During the meeting,India has raised the issue of deadlock in WTO’s dispute settlement body and attempts by developed nations to deny developing countries access to certain trade benefits.
- US has consistently blocked the appointment of judges in dispute settlement body.Further,India has also said that reform initiatives under WTO must promote inclusiveness,non-discrimination and address the inequalities and glaring asymmetries in existing agreements.
- The World Trade Organization (WTO) is an intergovernmental organization that is concerned with the regulation of international trade between nations.
- The WTO officially commenced in 1995 under the Marrakesh Agreement signed by 124 nations replacing the General Agreement on Tariffs and Trade (GATT).Currently,it has 164 members and 22 observer governments with Afghanistan and Liberia being the latest to join.
- The Appellate Body of the WTO was established in 1995 with its seat in Geneva,Switzerland.It is a standing body of seven persons.
- It hears appeals from reports issued by panels in disputes brought by WTO Members.The Appellate Body can uphold,modify or reverse the legal findings and conclusions of a panel.
- The Appellate Body Reports once adopted by the Dispute Settlement Body (DSB) must be accepted by the parties to the dispute.
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