Final answer:
The WTO's neutral trade experts do act as mediators in global trade disputes, playing a fundamental role in managing the dispute settlement process to enhance the security and predictability of the global trading system. They address various trade-related matters, including those of agriculture, services, and intellectual property.
Step-by-step explanation:
The statement that the WTO's neutral trade experts also serve as mediators in global trade disputes is true. The World Trade Organization is a critical global entity responsible for managing the dispute settlement process in international trade. Trade disputes are an inherent part of international trade relations due to varying national interests and policies. The WTO's dispute settlement mechanism is renowned for its strong adherence to the rule of law, enhancing the trading system's predictability and security.
Assimilating the core functions of its predecessor, the General Agreement on Tariffs and Trade (GATT), the WTO has expanded its scope to include trade in services, intellectual property, and the provision of a more permanent framework for trade negotiations and dispute resolutions.
With its headquarters in Geneva and 164 member states, including recently China, the WTO's mission is to enable trade to flow as smoothly, predictably, and freely as possible. Yet, this institution has been subject to criticism, especially regarding its arbitration processes, which some argue disproportionately benefit wealthy nations and transnational corporations — often at the expense of less affluent parties and public interests like labor, consumers, and the environment.
On a practical level, the WTO seeks to resolve trade conflicts between nations. Since 1995, over 500 disputes have been filed, and more than 350 rulings issued. The traditional view among observers is that the WTO's decisions tend to favor global corporations. However, the WTO's rationale is that without a means of settling disputes, a rules-based system such as international trade would falter due to a lack of rule enforcement capabilities.
The WTO also touches on various aspects including agriculture, services, intellectual property, competition, investment, and the environment. These domains are recurrent themes in negotiation rounds both under GATT and the WTO. Overall, the WTO is an essential player in the wider context of globalization and public policy, serving as a forum for resolving disputes and fostering global free trade.