World Trade Organization

The World Trade Organization (WTO) is an international organization that deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably, and freely as possible.

Pronunciation

/ˈwɜːrld ˈtreɪd ˌɔːrɡənaɪˈzeɪʃən/

Etymology

The term "World Trade Organization" is derived from the English words "world" (meaning the earth), "trade" (meaning the act of buying, selling, or exchanging goods or services), and "organization" (meaning a group of people who work together in an organized way for a shared purpose). The organization was established in 1995, succeeding the General Agreement on Tariffs and Trade (GATT) that was set up in 1948.

Related Terms

International trade: The exchange of goods and services across international borders or territories.
Trade agreement: A wide-ranging tax, tariff and trade treaty that often includes investment guarantees.
Tariff: A tax or duty to be paid on a particular class of imports or exports.
Trade liberalization: The removal or reduction of restrictions or barriers on the free exchange of goods between nations.
Trade negotiation: The process of negotiating trade agreements between countries.
Trade policy: A government's policy controlling foreign trade.

Functions

The World Trade Organization provides a forum for negotiating trade agreements, settles trade disputes between its members, and supports the needs of developing countries. Its main functions include:

Administering WTO trade agreements
Forum for trade negotiations
Handling trade disputes
Monitoring national trade policies
Technical assistance and training for developing countries
Cooperation with other international organizations

Criticisms

The World Trade Organization has been the subject of numerous criticisms, including that it is undemocratic, that it advances corporate interests to the detriment of developing nations, and that it undermines national sovereignty.

External links

Medical encyclopedia article on World Trade Organization
Wikipedia's article - World Trade Organization

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World Trade Organization