Text of the paper prepared for the presentation at the International Conference on Economic Development and Fair Trade, Tsinghua University, Beijing, China. The text is an abridged version of chapter 7 of the book “Arbitration in the World Trade Organization”, by Durval de Noronha Goyos Jr., Legal Observer, Inc., Miami, 2003. Copyright by Durval de Noronha Goyos Jr.
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