The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business.
Functions of WTO
The WTO was founded with the purpose of liberalizing international trade. Its aim was to help member nations reach cordial solutions to their trade related problems.
The main principles of WTO are:
· To promote fair competition
· To encourage economic and development reforms
· To increase predictability through transparency
· To lower trade barriers for freer trade
· To ensure fair treatment to locals and foreigners