Process of transforming command economy

Reference no: EM131768721

Question: State A, an Eastern European country, is in the process of transforming its command economy to a market economy. It is also a WTO member state that has granted market access to its financial services sector to foreign banks. Unfortunately, it recently began to have difficulty with its balance-of-payments obligations. After notifying the GATS Council on Trade in Services and the International Monetary Fund, it issued a decree restricting the right of foreign banks to transfer funds abroad. It put no similar limitations, however, on its own banks or on the banks of other Eastern European countries making the transition to market economies. Big Bank, a bank with its place of establishment in State B and a branch in State A, objected to the State A decree and sought the help of State B to get State A to modify or rescind its decree. State A has contacted State B for consultations, and both parties have notified the WTO Dispute Settlement Body of their intent to engage in consultations. How should this dispute be resolved? Explain.

Reference no: EM131768721

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