Assertion : Organization like the WTO help in expansion of globalization Reason: WTO demands liberalisation of international trade Answers please guys
Answers
Answer:
The World Trade Organization came into being in 1995. One of the youngest of the international organizations, the WTO is the successor to the General Agreement on Tariffs and Trade (GATT) established in the wake of the Second World War.
So while the WTO is relatively young, the multilateral trading system that was originally set up under the GATT is over 70 years old.
The past 70 years have seen an exceptional growth in world trade. Merchandise exports have grown on average by 6% annually. This growth in trade has been a powerful engine for overall economic expansion and on average trade has grown by 1.5 times more than the global economy each year. Total exports in 2016 were 250 times the level of 1948. The GATT and the WTO have helped to create a strong and prosperous trading system contributing to unprecedented growth.