World Trade Organization

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A note on the World Trade Organization (WTO):

An informative article by 

Shubham K Pandey 

(Founder of Illuminate Biology)




*What is the WTO?*


The World Trade Organization (WTO) is an international organization that promotes free trade and facilitates global economic cooperation among its member countries.


*Key Objectives:*


1. *Promote free trade*: Reduce tariffs, quotas, and other trade barriers to increase global trade.

2. *Encourage fair competition*: Establish rules to prevent unfair trade practices.

3. *Resolve disputes*: Provide a platform for member countries to resolve trade-related disputes.


*Key Functions:*


1. *Negotiations*: Facilitate negotiations among member countries to reduce trade barriers.

2. *Dispute Settlement*: Resolve trade-related disputes through a rules-based system.

3. *Monitoring*: Monitor national trade policies and practices.

4. *Technical Assistance*: Provide technical assistance to developing countries.


*Benefits:*


1. *Increased economic growth*: By promoting free trade and reducing trade barriers.

2. *Improved standard of living*: Through increased access to goods and services.

3. *Increased economic cooperation*: Among member countries.


*Challenges:*


1. *Protectionism*: Rising protectionist tendencies among some member countries.

2. *Inequitable benefits*: Concerns that benefits of free trade are not evenly distributed.

3. *Reform*: Need for WTO reform to address modern trade issues.


*Membership:*


Currently, the WTO has 164 member countries, accounting for over 98% of global trade.

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