World Trade Organization
World Trade Organization (WTO) deals with the rules of trade between nations at a global or near-global level. It is an organization for liberalizing trade by negotiating trade agreements. It sets transparent and predictable rules for free flow of trade and settles disputes (if any) that arise during the process. WTO works for ‘Multilateral’ trading system as most of the nations are members of the system while others are not, as a result of this words like ‘global’ or ‘world’ are not used in place of multilateral.
It envisages a freer trading system without discrimination, predictable, more competitive and more beneficial for less developed countries. In recent years, economy is driving the world politics and ...