The GATT-WTO System and International Trade Law - Essay Example

Download file to see previous pages The ultimate Chuah, JCT (1998) 78 (book) Sweet and Maxwell publication, London aim of this context is to examine the role and nature of the International trade law, outlining its legal framework as well as looking at the skills used for the interpretation of relevant instruments of the international trade law. The paper also examines the legal problems that arise in international trade law and their resolutions and looks at the disputes and their resolution strategies and mechanisms. Lastly, it inspects the policy issues underlying the international trade system. Above all, the paper examines how the trade cycle is being broken in each concept mentioned where the effective punishment takes place, the rehabilitation process as well as the sentencing process. These are very crucial because most of the time individuals normally do some things intentionally to want to see what may happen.

Roles and Nature of the International Trade Law
When the Schaffer v Augusti, (2002) 102 5th edition, the west publication (book) World War II ended, the General Agreement on Tariffs and Trade (GATT) came about with other important documents regarding International trade laws. GATT came into existence in 1947 when the negotiating governments failed to come up with the International Trade Organization. It worked until 1994 when it was replaced by a more organized system. The World Trade Organization (WTO) was created in 1995 to replace the GATT to supervise, regulate and liberalize international trade.

The effect of WTO was highly felt as it started supervising the trade between the involved nations as well as setting the basis for negotiation and formation of trade agreements. It should be clear that the negotiation process is very significant to be employed whenever two or more trade partner countries develop a dispute, which may end up breaking the trade cycle among these countries. It is dangerous Pryles v Waincymer, Thomson Lawbook (2004) 7- book, Longman publication, Sydney since it may involve the process of effective punishment, rehabilitation, and sentencing of offenders involved. ...Download file to see next pages Read More