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    What Is The 'World Trade Organization - WTO'?

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    shiksha
    The World Trade Organization (WTO) is an international organization that oversees global trade rules between nations. The WTO helps businesses export and import goods and services. While the WTO aims to stimulate free trade, critics argue it can negatively impact local industries and undermine democracy. The WTO provides a forum for countries to negotiate trade issues and offers conflict resolution for disputes. It also establishes agreements that set the legal ground rules for international commerce.

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    What Is The 'World Trade Organization - WTO'?

    Uploaded by

    shiksha
    58 views2 pages
    The World Trade Organization (WTO) is an international organization that oversees global trade rules between nations. The WTO helps businesses export and import goods and services. While the WTO aims to stimulate free trade, critics argue it can negatively impact local industries and undermine democracy. The WTO provides a forum for countries to negotiate trade issues and offers conflict resolution for disputes. It also establishes agreements that set the legal ground rules for international commerce.

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    World Trade Organization

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    The World Trade Organization (WTO) is an international organization that oversees global trade rules between nations. The WTO helps businesses export and import goods and services. While the WTO aims to stimulate free trade, critics argue it can negatively impact local industries and undermine democracy. The WTO provides a forum for countries to negotiate trade issues and offers conflict resolution for disputes. It also establishes agreements that set the legal ground rules for international commerce.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    58 views2 pages

    What Is The 'World Trade Organization - WTO'?

    Uploaded by

    shiksha
    The World Trade Organization (WTO) is an international organization that oversees global trade rules between nations. The WTO helps businesses export and import goods and services. While the WTO aims to stimulate free trade, critics argue it can negatively impact local industries and undermine democracy. The WTO provides a forum for countries to negotiate trade issues and offers conflict resolution for disputes. It also establishes agreements that set the legal ground rules for international commerce.

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    World Trade Organization - WTO

    What is the 'World Trade Organization - WTO'?


    The World Trade Organization (WTO) is the only international institution that oversees the
    global rules of trade between nations. The WTO is based on agreements signed by the majority
    of the world's trading nations. The main function of the organization is to help producers of
    goods and services, exporters and importers protect and manage their businesses.

    Proponents of the WTO, particularly multinational corporations, believe that the WTO is


    beneficial to business. Skeptics believe that the WTO undermines the principles of organic
    democracy and widens the international wealth gap.

    Next Up

    1. Anti-Dumping Duty
    2. Export Incentives
    3. Bilateral Trade
    4. Countervailing Duties (CVDs)
    5.

    BREAKING DOWN 'World Trade Organization - WTO'


    The WTO is essentially a mediation entity that upholds the international rules of trade between
    nations. However, the WTO has fueled globalization with both positive and adverse effects. The
    WTO's efforts have increased global trade expansion, but a side effect has been a
    negative impact on local communities and human rights.

    Advocates of the WTO consider the stimulation of free trade and a decline in trade disputes as
    beneficial to the global economy. Critics of the WTO point to the decline in domestic industries
    and increasing foreign influence in some cases as negative impacts on the world economy. 

    The WTO as a Negotiation Forum


    The WTO provides a platform that allows member governments to negotiate and resolve trade
    issues with other members. The WTO was created through negotiation, and its main focus is to
    provide open lines of communication concerning trade between its members. For example, the
    WTO has lowered trade barriers and increased trade among member countries. On the other
    hand, it has also maintained trade barriers when it makes sense to do so in the global context.
    Therefore, the WTO attempts to provide negotiation mediation that benefits the international
    economy.
    Once negotiations are complete and an agreement is in place, the WTO then offers to interpret
    that agreement in the event of a future dispute. All WTO agreements include a settlement process
    whereby the organization legally conducts neutral conflict resolution.

    The WTO as a Set of Rules


    No negotiation, mediation or resolution would be possible without the foundational WTO
    agreements. These agreements set the legal ground rules for international commerce that the
    WTO oversees. When a member country signs an agreement, the government of that country is
    bound to a set of constraints that it must observe when setting future trade policies. These
    agreements protect producers, importers and exporters while encouraging world governments to
    meet specific social and environmental standards.

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