Role of World Trade organization
Answers
The World Trade Organization (WTO) is one of the three international organisations (the other two are the International Monetary Fund and the World Bank Group) which by and large formulate and co-ordinate world economic policy.
It can be argued that the WTO plays a particularly significant role in the promotion of free international trade. The organisation acts as an umbrella institution, that is an organisation covering the agreements concluded at the Uruguay Round. The Uruguay Round was the preparatory stage for the launch of the WTO. The Round was based on the General Agreement on Tariffs and Trade (GATT).
The crucial role of the WTO is to provide a common institutional framework for the implementation of those agreements. The organisation is the result of the Uruguay Round of negotiations (1986-1994) and was formally created in 1995.