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Since its inception in 1995, more than 312 disputes have been raised under the WTO Dispute Settlement System. Despite the obvious success of this system, several shortcomings call for a revision under the auspices of the Doha Development Round. With a computable general equilibrium model we...
EU–US trade disputes have recently caught much attention, because they have involved lasting non-compliance coupled with WTO-authorized retaliation. A recent paper by Breuss (2004) shows that the outcome in most cases has probably involved economic damage on both sides. Does this testify to a...
Economic theory suggests that some of the trade remedies allowed by the WTO may lead away from liberal trade and impose costs on those that apply them. Breuss has provided evidence in the case of four EU-US mini-wars that the policy that created the trade conflict was not clearly in the economic...
In his excellent empirical analysis of the WTO dispute settlement process, Fritz Breuss has amply demonstrated the undesirability of trade retaliation by applying the CGE model to the transatlantic “mini trade wars” in the Hormones, Bananas, Foreign Sales Corporations and Steel Safeguards cases....
There is scope for economic analysis in dispute settlement. However, it cannot determine dispute settlement outcomes and cannot be used without due regard to certain methodological difficulties, model assumptions and data limitations.
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