World Trade Organization Definition
The World Trade Organization (WTO) is an international organization that deals with the rules of trade between nations. Its headquarters are in Geneva, Switzerland, and its membership comprises 164 countries.
The WTO’s main function is to ensure that trade flows smoothly, predictably and freely as possible. To do this, the WTO sets and enforces rules governing trade in goods, services and intellectual property. The organization also provides a forum for negotiating agreements on tariffs and other trade barriers between its member states.
The WTO’s ultimate goal is to help producers of goods and services, exporters and importers conduct their business in a free and fair environment. In pursuit of this goal, the WTO:
-Administers global trade agreements;
-Acts as a forum for trade negotiations;
-Settles disputes between member governments;
-Reviews national trade policies;
-Provides technical assistance and training to developing countries;
-Cooperates with other international organizations to achieve common objectives.
