Jang Seunghwa, Trade Commissioner, First WTO Appellate Arbitration Ruling
[Asia Economy Sejong=Reporter Dongwoo Lee] The Ministry of Trade, Industry and Energy announced that Trade Commissioner Jang Seunghwa issued the first arbitration ruling in a World Trade Organization (WTO) appellate case on the 25th (local time).
The European Union (EU) and T?rkiye agreed in March to refer an appellate dispute regarding pharmaceutical imports to arbitration proceedings, utilizing the arbitration clause of the WTO Dispute Settlement Understanding (DSU) for the first time in WTO history.
Subsequently, the disputing parties appointed three arbitrators in May, including former WTO Appellate Body member Commissioner Jang, and after discussions, the arbitrators circulated the arbitration ruling to 164 WTO member countries.
The arbitration ruling holds the same legal effect as a WTO Appellate Body decision between the disputing parties.
Hot Picks Today
"You Might Regret Not Buying Now"... Overseas Retail Investors Stirred by News of Record-Breaking Monster Stocks' IPOs
- "Not Jealous of Winning the Lottery"... Entire Village Stunned as 200 Million Won Jackpot of Wild Ginseng Cluster Discovered at Jirisan
- Mistaken for the Flu, Left Untreated... Death Toll Surges as WHO Declares Emergency (Comprehensive)
- Takaichi Says, "I Was Debating Drinking Due to Parliament Schedule"... President Lee Jokes, "Should I Make a Call?"
- "How Did an Employee Who Loved Samsung End Up Like This?"... Past Video of Samsung Electronics Union Chairman Resurfaces
In this case, the Turkish government forced the establishment of manufacturing plants in the country as a condition for approving the import of foreign pharmaceuticals. The EU filed a complaint with the WTO, claiming this was a protectionist measure, and the appellate arbitration resulted in a final victory for the EU.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
