The World Trade Organisation Provides Two Procedures for the Resolution

question 45

Multiple Choice

The World Trade Organisation provides two procedures for the resolution of disputes between countries. One way is to request the WTO Council to appoint a "Panel" to adjudicate the dispute; the other way is

• A) to refer the dispute to the Free Trade Commission for settlement.
• B) to submit to the International Compensation Board who will review the matter and publish a report with their recommendations.
• C) by arbitration through an international arbitration panel.
• D) to turn over the matter to the International Mediation Review Board.
• E) a consultation and, if necessary, conciliation procedure- essentially a diplomatic solution.

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Definitions:

Owner's Capital

Represents the total equity belonging to the owners of a company or business, reflecting the net assets minus liabilities.

Accounts Receivable

Money owed to a company by its customers from sales or services rendered on credit, recorded as an asset on the balance sheet.

Accounts Payable

Liabilities of a business arising from credit purchases from suppliers, displayed on the company's balance sheet as money owed.

Assets Sold

The sale of company assets, which could include equipment, properties, or other resources owned by the company.