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World Trade Organization

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International body responsible for regulating global trade and resolving trade disputes.

Significance of World Trade Organization (WTO) in Global Trade

The World Trade Organization (WTO) is a global international organization established in 1995, with its roots dating back to the General Agreement on Tariffs and Trade (GATT) created in 1947. The WTO plays a central role in shaping and regulating international trade, promoting global economic stability, and resolving trade disputes among its member countries. 


Function of WTO 


The core function of the WTO is to negotiate and enforce multilateral trade agreements among its member countries. These agreements cover a wide range of trade-related topics, including tariffs, trade in goods, services, intellectual property, and dispute settlement procedures. 

Ultimately, the WTO plays a significant role in supporting global economic growth by promoting open and fair trade. It helps countries reap the benefits of international commerce, such as increased economic opportunities, job creation, and higher living standards. 

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