India, South Africa and Egypt have introduced a paper regarding ongoing discussions on the reforms of the World Trade Organisation's (WTO) dispute settlement body, an official said.
The paper - Reflections on the Reform of the WTO Dispute Settlement System - was introduced in a meeting of the body in Geneva.
In the meeting, "India took the floor to introduce the joint communication from Egypt, India and South Africa," the Geneva-based official said, without disclosing details of the paper.
It was circulated among the WTO members on Nov. 24.
The introduction of the paper assumes significance as India is batting for starting formal negotiations by WTO members to reform the dispute settlement body, as the present informal deliberations are creating hindrances for several nations to participate in the talks.
WTO's dispute settlement body (DSB) is one of the important arms of the 164-member Geneva-based body. Besides monitoring global exports and import-related rules, it adjudicates trade disputes between the member countries.
There are two main ways to settle a dispute once a complaint is filed in the WTO - the countries find a mutually agreed solution, particularly during the phase of bilateral consultations; and through adjudication which includes ruling by a panel and if not satisfied, challenging that ruling at the appellate body.
The smooth functioning of the WTO's dispute settlement mechanism hit a roadblock when the US blocked appointments of members in the appellate body (AB). Though the AB stopped functioning on December 10, 2019, the panels are still working.
Since December 2019, over 20 appeals have been filed in the AB.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
