In this paper, the dispute resolution procedures used by two of the most prominent global arbiters, the World Trade Organization (WTO) and the International Chamber of Commerce (ICC) will be compared and contrasted in terms of the types of cases that each respective organization would deal with, the methods by which disputes are referred to them, the process/methodology for the dispute resolution and the mechanisms for redress. In addition, reference will be made, where appropriate, to relevant sources of law.
In order to accurately evaluate and understand the various aspects of these organizations that will soon be presented, an adequate understanding of the structure of the WTO and the ICC both need to be explained briefly.
The WTO has its origins in the words of a man who lived and studied economics centuries before the WTO ever existed. Considered by many to be the father of modern economics, Adam Smith put forth the original theory that the key to true economic progress and prosperity for all nations is international trade. ...Show more