Question

What is WTO describe its role in the context of globalization

Answer 1

Primary role of world trade organisation is to regulate trade. In the current global scenario of globalisation the role of WTO is to ensure fair functioning of the trade. Often the big economies operate in ways to mould the terms of trade in their favour, here the role of WTO comes to defend the smaller economies and ensure fair functioning. The economies world wide are jostling with extreme vulnerability and in such scenarios the role of WTO is further enhanced in ways to ensure unbiased functioning