INTERNATIONAL LEGAL GROUNDS FOR THE APPLICATION OF SANCTIONS WITHIN THE WTO

Abstract

It is known that the competent development of trade, especially international trade, which is the foundation of all international relations, is the key to a successful and prosperous society. In the realities of the 21st century, in the period of active globalization, the issue of interaction between countries in the international arena in the sphere of economic relations is more relevant than ever. In order to ensure the most effective interaction between states at the end of the 20th century, the World Trade Organization was established, based on the General Agreement on Tariffs and Trade, signed half a century earlier. The main task of this organization was to simplify trade transactions, which would allow "erasing borders" in economic relations. Since each of the states pursues its own sovereign policy between them inevitably may arise various disputes and disagreements, which is why the World Trade Organization provides for special ways of resolving them, but nevertheless, in member countries remains a possibility. That is why this paper will consider the historical aspects of the origin of international trade and economic relations between states, present the provisions of the World Trade Organization (WTO) and the General Agreement on Tariffs and Trade (GATT), consider several approaches to the definition of "sanctions" used in the context of international legal relations, give international legal grounds for the application of such sanctions within the WTO, and examine their effectiveness.