Analysis On The Nature Of WTO Dispute Settlement Mechanism

Dispute Settlement Mechanism, which is renowned as the Pearl on the Crown, is recognized as the most important systematic outcome of the Uruguay Round. After many years of negotiation and discussion, with the establishment of principles like Negative Consensus, to some extent Dispute Settlement Body is a quazi-judicial institution. This paper will explore the following four questions: what is the difference between quazi-judicature and judicature ? Dose this quazi-judicial institution still adapt to the need of modern international trade environment? Is it necessary to further legitimize Dispute Settlement Mechanism? How? In light of this analysis, this paper will finally reach the conclusion as following: for the purpose of creating a far more stable international trade environment, World Trade Organization should further legitimize Dispute Settlement Mechanism from four perspectives -procedures' determinacy, symbolic validation rules' coherence and decisions' authority. At the same time, suggestions will be also put forward in this paper to improve China's current administration and legal systems, so that both Chinese government and individual business could be much more confident in and capable of handling potential trade disputes and risk come along with WTO.