WTO Dispute Settlements and Members' Legal Capacity Dissertation

WTO Dispute Settlements and Members' Legal Capacity - Dissertation Example By removing economic and trade barriers, the contemporary period has given rise to a global market that has flattened the world (Friedman, 2010). WTO is the international economic organization, which is deemed, by some, as the organization that can provide the venue for member States as they address issues with other States pertinent to trade concerns (Soros, 2002). In fact, WTO is hailed as the ‘rule of law’ in international economic trade. In this regard, WTO opens the opportunity for the power of might to end and the rule of law to prevail in international economic trade (Shaffer, 2009). This view is attached to WTO because WTO is the plane or the platform where governments enter into trade negotiations with other countries. It lays down the legal framework with which trading transactions among countries are grounded and when trading conflicts ensues between countries, WTO helps settle the dispute (Understanding WTO, 2010). WTO Dispute Settlement is a unique mechanism that allows member States to resolve trade disputes through judicial system (Sattler & Berneur, 2010). However, despite the promise of the rule of law through this legal mechanism, it has been observed that there is a disparity in terms of availing this legal recourse between developed countries and developing countries (Bohl, 2009; Busch, Reinhard & Shaffer, 2009; Sattler & Berneur, 2010). As such, this research will look into WTO Dispute Settlement and members’ legal capacity. Background of the Study On January1, 1995, World Trade Organization (WTO) came into being. It replaced the General Agreement on Tariffs and Trade (GATT). This changed was a considered as a welcome modification on the supposition that GATT was an international agreement, which was primarily not created in becoming an international organization, but was to remain as an agreement among nations (Hamid & Sein, 2006). On the other hand, the WTO is an international organization. The Agreement Establishing t he World Trade Organization (the WTO Agreement) created the WTO as a full-fledged international organization with a legal personality, legal capacity, and privileges and immunities (Article III 1 – 5). An international or

Is Iran a Threat to the US Research Paper Example | Topics and Well Written Essays - 1250 words

Is Iran a Threat to the US - Research Paper Example Secondly, US has its military bases around Iran. It will not be easy for Iran to initiate an attack. Thirdly, if an armed war begins, Iran will receive lesser support and aids compared to the US. Fourthly, Iran is inferior to the US in terms of technology, war strategy, organization and resources. Lastly, no nuclear weapon produced is in Iran. Hence, US must not worry about any menace of nuclear weapons. The US has been experiencing a state of uncertainty and concern due to the economic meltdown. One can trace several reasons behind it like mismanagement in industries, constrictions in credit marketing, an extravagance of public officials’, inadequate high-risk loan policies. The result is that it is striving hard to maintain a balance between market response, materialistic outlooks of Americans, meeting the energy requirements and financial stability to US’s economy. As because the US consumes 20% oil produced annually and a major part of it comes from Iran and its surrounding Arab countries. Therefore an armed war will deepen its economic crisis and lead the US to a more paltry condition.ii Relations with Iran have currently determined the political scenario in the US. This was most evident during the presidential electoral polls. Its diplomatic relations with Iran and Iraq was so vital that the competing candidates even declared their ways of handling the Iran situation at the Republican Presidential debate. However, veterans like Ron Paul from the US House of the Representatives and Herman Cain, chairman of FRB were against US military invasion. Global politics depends much on the US. Thus, US’s policy with Iran would determine the distribution of power. iii Until now, US is playing diplomatically by exchanging hard-line statements with Iran and advising its allies to maintain a good relationship with important oil- supporters like Iran.  If in arms- war, Iran and its allies, chiefly the Gulf countries will withdraw exports to the US, chiefly oil.  Ã‚