General Principles of the World Trade Organization Law

Author: Zhao Xianglin
Publisher:
Publish Date: 2004-04-01
Features: This vast legal rule system can be divided into two main parts: substantive rules and procedural rules. In summary, the legal system is primarily composed of one basic law (i.e., the "Agreement on the Establishment of the World Trade Organization"), two procedural laws (the "Understanding on Dispute Settlement Rules and Procedures" and the "Trade Policy Review Mechanism"), and three agreements (i.e., the "General Agreement on Tariffs and Trade 1994," the "General Agreement on Trade in Services," and the "Agreement on Trade-Related Aspects of Intellectual Property Rights" along with its agreements). The "Agreement on the Establishment of the World Trade Organization" is merely a framework agreement, similar to the constitution of the World Trade Organization, and only stipulates some principle issues. The four annexes of the World Trade Organization constitute the substantive rules of the WTO legal system, encompassing all current issues in world trade. It can be said that the legal system of the World Trade Organization is vast in scope and comprehensive in content, surpassing all previous multilateral trade agreements or treaties in history.