Question

Write short notes on Role of World Trade Organization (WTO) in development

Answer 1

WTO is a organization which regulates trade all over the world by making rules and regulation for trade

And any dispute related to trade matters of world also resolved in WTO

Answer 2

The World Trade Organisation (WTO) is the body through which governments and businesses negotiate the rules of trade, and settle trade disputes once these rules have been established.The concept of the WTO first began with the 1947 the General Agreement on Tariffs and Trade (GATT) was signed by the Western powers to govern global trade and to reduce trade barriers between nations. The WTO now has trade rules in place covering not only goods but also services such as telecommunications, banking and investment, transport, education, health and the environment.
The WTO is committed to the concept of free trade, believing that unlimited competition in the free market results in efficient production, innovation, cheap prices and the fastest possible rates of economic growth.