TRADED REMEDY LAWS OF PAKISTAN UNDER THE WTO REGIME
Free trade among nations is perceived now-a-days, as the key to economic growth, peace and better standards of living, leading to a happier state of human existence ata global level.
It is now widely recognized that “those countries that have chosen tomake trade a pillar of economic growth have, indeed grown more strongly and become wealthier than those which have a reliance on domestic markets behind the protective walls”.
The World Trade Organization (WTO)’s regulatory framework for international trade itself promotes free trade and accordingly affects the rightsand obligations of the business concerns.
The WTO system seeks to help international trade flow as smoothly and freely as possible. Removing and lowering trade barriers, thus, is one of the key operationalobjectives of its system through which the trade, among nations is beingencouraged. Notwithstanding this it would not be entirely correct to characterize theWTO as a “free trade” institution. As a matter of fact the WTO provides for “systemof rules dedicated to open fair and undistorted competition”.
In order to protect the WTO member countries industries from unfair tradeconscious significant exceptions have been allowed to the principle of non-discrimination embodied in requirement of the MFN treatment.
These exceptionsmake it possible for any member to rise (which otherwise would be contrary to the
Inaamul Haque LL.M (Harvard), Distinguished Scholar/ Adjunct Professor Punjab University LawCollege, Former Exective Director World Bank, Advocate High Court. Pakistan.
Naeem Ullah Khan LL.M (Punjab) Lecturer Punjab University Law College, Pakistan.This article contains personal views of authors and do not necessarily reflect those of any Organization..
Views as to benefits of free trade owes much to the work of Adam Smith, (
An inquiry into the Nature and Causes of the Wealth of Nations, 1776
) and David Ricardo (on the Principle of Political Economy andTaxation, 1817). However, there are several eminent economists who do not entirely subscribe to such positive evaluation of the free trade. (See Krugman, Increasing returns, Monopolistic competition andInternational Trade, 1979, 9(4) Journal of International Economics 467). See I. Carr et al, InternationalTrade Law 2005, at 1xxxvii and see also J. Steglitz, GLOBALIZATION AND ITS DISCONTENTS(2002).
WTO, The Future of the WTO (2004) Report by the Consultative Board to the DG WTO.
I. Carr et al, R.K. Goupta supra note 1 at 1xxxvii.
WTO, Understanding the WTO, at 12.
It relates most Favored Nation Treatment which means favor one favor all.