Abstract
The central pillar of the GAT1/WTO multilateral trading system is the dispute settlement mechanism codified in the WTO Agreement. However, forty-five years after the adoption of the first GAT panel report, the legal status of GATT interpretations underlying panel decisions remains controversial. In light of the substitution of legal for political legitimacy in the Dispute Settlement Understanding, this issue has assumed importance for the credibility of the W1O system. This paper examines these implications and addresses the legal status of panel interpretations from constitutional, political and practical perspectives. It illustrates the legal effect of panel decisions with a critical analysis of the panel-created competitive conditions principle and its related rules.
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