Consider the following statements regarding the WTO Dispute Settlement System:
1. The WTO dispute settlement system is a two-tier mechanism, consisting of panels and the Appellate Body, designed to provide legally binding resolutions to trade disputes.
2. The Dispute Settlement Body (DSB) is composed only of selected WTO members who oversee the dispute settlement process.
3. The Appellate Body (AB) is a temporary body established on an ad-hoc basis to review panel reports on appeal.
Which of the statements given above is/are correct?
1
1 only
2
1 and 2 only
3
1 and 3 only
4
1, 2, and 3