Reasonable Period Of Time
Reasonable period of time in Global Commerce Policy
In this regard, reasonable period of time is: a term used in the WTO Understanding on Rules and Procedures Governing the Settlement of Disputes. The entries on trade policy are here. It denotes the time, generally a maximum of 15 months, that may elapse between the adoption of a panel or Appellate Body report and the point when a trade regime found inconsistent with the WTO rules has to be brought into conformity with them. Where a WTO member refuses to take the necessary actions, the member notifying the dispute may impose the suspension of concessions or other obligations after the same reasonable period of time has passed. Three options are available for defining what may be a reasonable period of time. The first is the time proposed by the member itself, subject to the agreement of the Dispute Settlement Body. The entries on trade policy are here. If this does not work, the second option is for the parties to agree on a period of time within 45 days of the adoption of the ruling. The entries on trade policy are here. If there is still no agreement, an arbitrator will be appointed to settle on a period of no more than 15 months from the adoption of a panel or Appellate Body report. The significance of this approach is that a WTO member has little opportunity or incentive to waste time over taking action in an adverse ruling since the clock starts when the Dispute Settlement Body adopts the panel or Appellate Body Report.[1]
Reasonable period of timein the wold Encyclopedia
For an introductory overview on international trade policy, see this entry.
Resources
Notes and References
- Dictionary of Trade Policy, “Reasonable period of time” entry (OAS)
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