Question

What does WTO stand for? Write its four features.​

Answer 1

WTO stands for World Trade Organization .

Features of WTO :-

♥ Free trade - The objective of WTO , as in case of GATT , is to promote free trade among nations through negotiations .

♥ Stability in the Trading System - Under WTO agreements member states are committed not to raise tariff and non-tariff trade barriers arbitrarily . This provides stability and predictability to the trading system .

♥ Promotion of Fair Competition - WTO system of multilateral trading system provides for transparent , fair and undistorted competition among the various countries .

♥ Special Concern for Developing Countries - WTO has shown special concern for the developing countries as it has given them more time to adjust to agreements under it and also some special privileges .

Answer 2

• It facilitates international trade through the removal of tariff and non-tariff barriers. It provides greater market access to all member countries