In a world where the vast majority of nations are developing countries and a significant portion of the world population still suffers from crushing poverty, economic development is one of the most important global issues. The importance of international trade for successful economic development, as shown in the cases of South Korea, Taiwan, Singapore, Hong Kong, and, more recently, China, has been well documented (World Bank 1993; Findlay 1984; Krueger 1984; Helleiner 1992 and Srinivasan 2001), and it is essential that the international governance and regulatory framework for international trade is structured in a way that facilitates, rather than hampers, the economic development of developing countries.

The World Trade Organization (WTO) is the most comprehensive international governance and regulatory framework for international trade. Currently, the WTO’s 153 Members include all major economies and trading nations, except perhaps Russia. WTO rules outline the fundamental legal principles that govern conduct on international trade and all WTO legal disciplines are mandatory for Members. The WTO dispute settlement body adjudicates trade dispute cases brought up by a Member State and rule violations alleged to be committed by another. Various report mechanisms of the WTO also monitor conduct of Member States on international trade and ensure their compliance with WTO disciplines. Thus, the WTO has become the ‘United Nations’ of international trade and its rules constitute an international law of trade that can be specifically enforced.