Question

world trade organaization​

Answer 1

The World Trade Organization (WTO) is an intergovernmental organization that is concerned with the regulation of international trade between nations. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 124 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948. It is the largest international economic organization in the world.

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Answer 2

World trade organisation

World Trade Organisation(WTO) is one such organisation whose aim is to liberalise international trade. Started at the initiative of the developed countries .WTO establishes rules regarding international trade, and sees that these rules are obeyed . Nearly 159 countries of the world are currently members of the WTO (2013).

Though WTO is supposed to allow free trade for all , in practice , it is seen that the developed countries have unfairely retained trade barriers . On the other hand , WTO rules have forced the developing countries to remove trade barriers . An example of this is the current debate on trade in agricultural products .