Dispute settlement is the central pillar of the multilateral trading system and the WTO`s unique contribution to the stability of the global economy. In the absence of a dispute resolution, the rules-based system would be less effective because the rules could not be enforced. The WTO procedure emphasizes the rule of law and makes the trading system safer and more predictable. The system is based on clearly defined rules, with timetables for completing a case. The first decisions are taken by a body and approved (or rejected) by full WTO membership. Remedies are possible. An important and essential part of the work of WTO members is to monitor the implementation of the agreements they have negotiated. Transparency is the key. They discuss their laws, measures and other issues within the various Councils and committees, including information they have been forced to share through communication to the WTO. All WTO members must also be subject to regular peer review of their trade policies and practices, each trade policy review, WTO secretariat and country reports, and comments from other members at the meeting. More recently, the WTO secretariat has regularly prepared reports on monitoring world trade, in which countries apply trade measures in response to the changing economic climate.
In the same year, 40 governments successfully concluded negotiations on duty-free trade in computer products, and 70 members signed a financial services agreement that covers more than 95% of the trade in banking, insurance, securities and financial information. Under the ON TRIPS agreement, WTO members have considerable flexibility to meet their needs and achieve public policy objectives in their approaches to intellectual property protection and enforcement. The agreement provides members with enough room to balance the long-term benefits of innovation incentives with the potential short-term costs of limiting access to mind creations. Members can reduce short-term costs through various mechanisms authorized by TRIPS rules, such as. B exclusion or exclusion of intellectual property rights. And if there are trade disputes over the application of the TRIPS agreement, the WTO dispute settlement system is available. The United States is the most active participant in the system after filing 124 complaints and being defendants in 156 cases. China has become a special target for the United States.