Abstract
This survey begins with an overview of the WTO/GATT system, which has been the heart of the rules-based, multilateral trading regime for over 70 years. It then devotes considerable attention to the WTO’s dispute settlement system and how its has functioned to date. The survey examines the principles and rules contained in the WTO agreements – trade liberalization; non-discrimination (focusing on GATT Articles I (most-favored-nation treatment) and III (national treatment); fair trade (focusing on the rules relating to dumping, subsidies and intellectual property); transparency; and special treatment for developing countries. The survey then examines the principal exceptions to the rules, including those for safeguards, national security and balance of payments. Special attention is given to the exception for public policy (morals, health, conservation), including consideration of the TBT and SPS Agreements. The survey closes with thoughts on the WTO’s current twin crises: the failure of its negotiating function and the collapse of the Appellate Body.
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