EEU to work out counter measures against blocking of foreign trade dispute settlement – EEC
<p> MINSK, Feb 8 - PrimePress. At the session of the Eurasian Intergovernmental Council held on February 5, 2021, the Eurasian Economic Commission (EEC) was instructed to work out counter measures against third countries in case of blocking the procedures for settling foreign economic disputes, the EEC press office reports. </p> <p> </p> <p> In cooperation with the governments of the Eurasian Economic Union (EEU) member states, the EEC is to draft the response measures based on Article 40.1 of the EEU Treaty of May 29, 2014, which stipulates the application of retaliatory measures against third parties in the customs territory of the EEU. </p> <p> </p> <p> This is meant to ensure protection of the economic interests of the Union and its member states, the EEC says, pointing at the problem of blocking the procedures for settling foreign economic disputes, which has become acute recently due to the suspension of the Appellate Body of the World Trade Organization (WTO). Currently, the party (WTO member) that files an appeal can apply measures recognized as out of line with the law, negatively affecting the economies of other member states. </p> <p> </p> <p> “Procedures should also be defined for situations, in which it is not possible to settle a trade dispute under the Union’s current agreements on the free trade zones,” the EEC says. End </p> <p> </p>
2021-02-09
Primepress
EEU to work out counter measures against blocking of foreign trade dispute settlement – EEC
MINSK, Feb 8 - PrimePress. At the session of the Eurasian Intergovernmental Council held on February 5, 2021, the Eurasian Economic Commission (EEC) was instructed to work out counter measures against third countries in case of blocking the procedures for settling foreign economic disputes, the EEC press office reports.
In cooperation with the governments of the Eurasian Economic Union (EEU) member states, the EEC is to draft the response measures based on Article 40.1 of the EEU Treaty of May 29, 2014, which stipulates the application of retaliatory measures against third parties in the customs territory of the EEU.
This is meant to ensure protection of the economic interests of the Union and its member states, the EEC says, pointing at the problem of blocking the procedures for settling foreign economic disputes, which has become acute recently due to the suspension of the Appellate Body of the World Trade Organization (WTO). Currently, the party (WTO member) that files an appeal can apply measures recognized as out of line with the law, negatively affecting the economies of other member states.
“Procedures should also be defined for situations, in which it is not possible to settle a trade dispute under the Union’s current agreements on the free trade zones,” the EEC says. End