Anne O. Krueger, a former World Bank chief economist and former first deputy managing director of the International Monetary Fund, is Senior Research Professor of International Economics at the Johns Hopkins University School of Advanced International Studies and Senior Fellow at the Center for International Development at Stanford University.
When bilateral talks fail to resolve disputes between sovereign countries, aggrieved parties may turn to an international judicial body, such as the International Court of Justice (ICJ) in The Hague. Alternatively, treaties or agreements often incorporate provisions for arbitration or mediation of disputes by a pre-designated entity.
Similarly, the World Trade Organization’s (WTO) articles, which underpin the international trading system, outline procedures for member countries to follow when t