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• W2336524312 abstract "The eighth GATT cycle of Multilateral Trade Negotiations (Uruguay Round 1986–1993) brought about a substantial increase and expansion of multilateral rules and disciplines in international trade regulation. Beyond refining existing agreements, new regulatory areas were added, in particular the Agreement on Trade in Services (GATS) and the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). A new framework agreement, establishing the World Trade Organization, created new legal foundations under which Members, the Secretariat and dispute settlement have been operating since 1995 (WTO 1999). Most importantly, the GATT dispute settlement mechanism was strongly reinforced. For the first time in international law, a two-tier system with the possibility of appealing the decision was introduced, removing the requirement for a positive consensus of Members, found to be in violation of WTO law. Incentives to comply were reinforced. Failing the implementation of rulings, complainant Members are not only entitled to obtain compensation in terms of market access rights; they are also entitled, subject to additional proceedings, to suspend market access rights and thus exercise economic sanctions within the multilateral framework of the WTO (Cottier and Oesch 2005: 143-194).These mechanisms both contain unilateral actions, but also reinforce multilateralism as they enjoy the blessing of Members. These achievements of the Uruguay Round have contributed greatly to the overall and impressive growth of world trade in the past decade. Millions of daily transactions are based upon the rules which have emerged over the past fifty years, offering legal stability and predictability in international trade relations. At the same time, the results of the Uruguay Round raised issues of legitimacy of WTO rules. Two main lines can be observed. On substance, they mainly relate to the issue of distributive justice in industrialised and developing countries alike. On procedures, arguments mainly address the shortcomings of the negotiating process and its unbalanced relationship to judicial dispute settlement. They challenge the legitimacy of WTO law mainly from the point of view of democratic accountability." @default.
• W2336524312 created "2016-06-24" @default.
• W2336524312 creator A5072083977 @default.
• W2336524312 date "2008-01-01" @default.
• W2336524312 modified "2023-09-26" @default.
• W2336524312 title "The Legitimacy of WTO Law" @default.
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• W2336524312 hasPublicationYear "2008" @default.
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