The European Union today revealed its intention to impose potential trade sanctions against Washington and other trade competitors if they refuse to settle trade disputes.
Reuters reported that the European Commission, the European Parliament and the European Council, which represents the 27 governments of the European Union, have approved a law implementing a new law to protect the interests of the bloc in cases handled by the World Trade Organization.
The Appellate Body of the World Trade Organization, which served as a supreme court for international disputes, was paralyzed last December after Washington blocked new appointments and left them in front of a small number of arbitrators to take new decisions.
Under this plan, the European Union will be able to take retaliatory measures to limit any country's attempts to prevent a final settlement of trade disputes.
The new law includes possible commercial measures for services and intellectual property rights and could be used in disputes over bilateral trade agreements, such as the deal the European Union is trying to conclude with Britain.