Question

Explain the role played by WTO in liberalizing international trade?

Answer 1

The WTO or the World Trade Organization is an important Trade Organization of the World. The WTO helps in establishing cordial trade relations between different countries and keeps a record of all the trade taking place between two countries.
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Answer 2

WTO encourages international trade in the following ways:

i) Establishes rules for international trade

ii) Ensures the rules are followed

iii) Promotes removal of restrictions on trade barriers

iv) Encourages the adoption of liberal economic policies by governments