word trade organization IT'S CONSTITUTION
AND ROLE IN Promoting international TRADE
Answers
World Trade Organization - The primary international body dealing with international trade regulations is the World Trade Organization (WTO). The WTO accords, which were negotiated, signed, and ratified by the majority of the world's trading states, form its foundation. The objective is to facilitate commercial operations for exporters, importers, and manufacturers of products and services.
Constitution of WTO - The largest change to global commerce since the conclusion of World War II was brought about by the establishment of the WTO on January 1, 1995. The WTO and its agreements also deal with trade in services and intellectual property, whereas the GATT primarily focused on trade in products. New methods for resolving disputes were also developed with the establishment of the WTO.
Role in Promoting international Trade - All WTO agreements have special provisions for developing nations, such as extended implementation timelines for commitments and agreements, steps to increase their trading opportunities, and assistance in setting up the necessary systems to conduct WTO business, resolve disputes, and implement technical standards.