Question

Give the meaning of WTO? Mention any two shortcomings of WTO?

Answer 1

Answer:

world trade organization

Explanation:

wo

Answer 2

World Trade Organisation

Explanation:

The World Trade Organisation is known as WTO in short. WTO was established with an aim to remove barriers to foreign trade and investment. It encourages the practice of free trade between the countries of the world and advocates all the countries to liberalize their foreign trade policies.

The main shortcomings of the WTO was seen that the developed nations retained trade barriers by manipulating the situation to their favour, while the developing nations were forced to remove trade barriers and initiate policies of liberalization.