Question

What is WTO? State its objectives and junctions.

Answer 1

The World Trade Organization (WTO) is a global international organization that deals with the rules of trade between nations. World Trade Organization was established on 1st January, 1995 by the member nations of United Nations. Its headquarters are located at Geneva in Switzerland.

Objectives:

1. To remove obstacles that hinder global trade.
2. To remove protection policy given to industries of country for foreign trade.
3. To co-ordinate with global trade policy and economic policy.
4. To solve the trade-related disputes arising in the world.

Functions:

1. To set up the structure for implementing world trade and trade agreements observing these agreements.
2. To work as a platform for debates and negotiations related to multinational trade.
3. To encourage unbiased international trade.
4. Different nations follow their own national policies related to trade. The WTO observes them and suggests improvements to those nations.