Good faith
Good faith: also referred to as bona fides. The principle is defined in the Vienna Convention on the Law of Treaties to the effect that a state is “obliged to refrain from acts which would defeat the object and purpose of a treaty”. The WTO Understanding on Rules and Procedures Governing the Settlement of Disputes exhorts members to enter and engage in consultation, dispute settlement and arbitration procedures in good faith. The Understanding does not describe the meaning of “good faith”. One panel report (United States − Section 310-310) thought is was “notoriously difficult, or at least delicate, to construe the requirement that a treaty shall be interpreted in good faith . . ., not least because of the possible imputation of bad faith to one of the parties”. However, the Understanding gives some helpful pointers. Article 3.7 asks members to exercise their judgement whether an action would be fruitful. It stresses that the aim of the dispute settlement mechanism is to secure a positive solution to a dispute, and that a solution acceptable to both parties and consistent with the WTO rules is clearly preferable. Article 3.10 says that requests for conciliation and the use of the dispute settlement procedures should not be
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
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Author of the text: W. Goode
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