The Role Of Trade Remedies In Countering Unfair Trade Practices: A Legal And Economic Perspective

Pratyush Preet Singh, LLM, University Institute of Legal Studies, Chandigarh University, Gharuan, Mohali, Punjab, India

Dr. Deepti Monga, University Institute of Legal Studies, Chandigarh University, Gharuan, Mohali, Punjab, India

ABSTRACT

In an era of globalization, the dynamics of international trade have presented both unprecedented opportunities and challenges. Among these challenges, unfair trade practices have emerged as a pressing concern that threatens the stability of global markets. This research paper delves into the intricate and multifaceted role of trade remedies as indispensable tools in addressing such unfair practices, providing a comprehensive exploration from both legal and economic perspectives. Trade remedies, encompassing anti-dumping measures, countervailing duties, and safeguards, serve as critical mechanisms in shaping a fair and competitive global marketplace. These tools are not merely regulatory measures; they are essential components in fostering an environment where nations can engage in trade without compromising the principles of equity and justice.

The legal underpinnings of trade remedies form the backbone of their application. Through an exhaustive analysis of relevant legal frameworks, including the General Agreement on Tariffs and Trade (GATT), the Agreement on Subsidies and Countervailing Measures(SCM Agreement), and the Agreement on Safeguards, this paper aims to provide a nuanced understanding of the rules that govern the use of trade remedies. By dissecting the intricacies of these agreements, we seek to highlight the criteria for initiating trade remedy investigations and the procedural intricacies involved in their application. Trade remedies, including anti-dumping measures, countervailing duties, and safeguards, play a crucial role in fostering fair competition in the global marketplace. Through an in-depth analysis of relevant legal frameworks and economic theories, this paper aims to shed light on the effectiveness and challenges associated with the application of trade remedies. By examining case studies and jurisprudence, we seek to provide valuable insights into the evolving landscape of international trade and the role of these remedies in maintaining a level playing field.

Keywords: Legal Framework for Trade Remedies, Economic Rationale for Trade Remedies, Anti-dumping Measures, Countervailing Duties, Safeguard Measures, Protection of Domestic Industries