Write the short note WTO
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The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations.
The WTO's global system lowers trade barriers through negotiation and applies the principle of non-discrimination. The result is reduced costs of production and reduced prices of finished goods and services, and ultimately a lower cost of living...
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ECONOMY GOVERNMENT & POLICY
World Trade Organization (WTO)
REVIEWED BY SANDRA LIM Updated Sep 12, 2019
What Is the World Trade Organization (WTO)?
Created in 1995, the World Trade Organization (WTO) is an international institution that oversees the global trade rules among nations. It superseded the 1947 General Agreement on Tariffs and Trade (GATT) created in the wake of World War II.
The WTO is based on agreements signed by the majority of the world’s trading nations. The main function of the organization is to help producers of goods and services, exporters, and importers protect and manage their businesses. As of 2019 the WTO has 164 member countries, with Liberia and Afghanistan the most recent members, having joined in July 2016, and 23 “observer” countries.