(Bloomberg) -- Japan has decided to join an alternative trade-dispute resolution mechanism initiated by the EU, saying the World Trade Organization’s appellate body has “ceased functioning.”
The cabinet approved the decision on Friday to participate in the Multi-Party Interim Appeal Arbitration Arrangement, the Ministry of Economy, Trade and Industry said. The MPIA already has 52 member countries and regions, including Australia, Brazil, Canada and China, as well as the EU.
The WTO issued its first ruling based on the alternative system in December last year in a case over French fries between Colombia and the European Union, both parties to the arrangement.
©2023 Bloomberg L.P.
BNN Bloomberg Picks
High rates untenable amid household 'debt crisis': Rosenberg
EXPLAINER: First Quantum, the Canadian miner at the heart of mining protests in Panama
Approach art investing as you would stocks and bonds: expert
Declining prices shift Canadian views of homes as investments
Charlie Munger, who helped Buffett build Berkshire, dies at 99
How will the Canada 'mortgage charter' impact homeowners, bank earnings?