WTO
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