CHINA-ECONOMY: CHINA, AUSTRALIA AND EU SET UP NEW MULTI-PARTY TRADE APPELLATE BODY
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Citing the Australian Financial Review, China's financial magazine reported (May 4) that China, the European Union and Australia have teamed up to back a new global trade dispute resolution mechanism. It said the system will work much like the World Trade Organization’s Appellate Body, which has been paralyzed since last year after the U.S. refused to allow any new judges to be appointed to the body. The new Multi-Party Interim Appeal Arbitration Arrangement (MPIA) was formalized on Friday, and will have a pool of 10 judges chosen by the 20 WTO members involved in the initiative so far.
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