Trade analysts have hailed China's backing for a new global trade arbitrator as a game-changer and believe the new umpire offers a credible work-around to the paralysis of the World Trade Organisation's appeals body.
Australia is among the 20 WTO members that have signed up to the Multi-Party Interim Appeal Arbitration Arrangement (MIPA), which seeks to replicate the work of the WTO's Appellate Body and whose judges will base their rulings on WTO law.
