WTO Sets Up Disputes Panel over Russian EU Trade Tariffs

31/03/2015 12:00 - 501 Views

GLOBAL - The dispute settlement body of the World Trade Organisation has established a disputes panel over Russia’s tariff treatment of agricultural and manufacturing goods from the EU.

Russia was first referred to the World Trade Organisation in October last year following new import regulations on certain goods.

The move followed retaliatory action against the EU over its stance in the crisis between Ukraine and Russia.

The European Union claimed that the measures were inconsistent with part of the GATT agreement made in 1994 and with the Customs Valuation Agreement.

On 10 March, the EU made its first request to the disputes settlement body for a panel to be established to look into the dispute.

The EU said that despite efforts to find a solution with Russia, the measures remained in place and continued to hamper trade.

The EU then called for the establishment of a panel to examine the dispute for the second time last week.

Russia, however, told the WTO that it was convinced that this matter could be resolved through further consultations with the EU.

Despite Russia’s request, the dispute settlement body established a panel.

Brazil, Canada, Chile, China, Colombia, India, Japan, Korea, Moldova, Norway, Ukraine and the United States have reserved their third-party rights to participate in the panel’s proceedings.

Source: The Fish Site