Have you ever heard of the World Trade Organization? Have you wondered what it does? Or what is it? This article explains what comprises the World Trade Organization!
What is the World Trade Organization?
The World Trade Organization (WTO) is an independent organization that manages and deals with trade between countries, hence being an international organization. It is run by member governments of other countries, usually represented by ministers, delegates, or ambassadors. It was started in Geneva, Switzerland, on January 1st, 1995.
What Does the WTO Do?
The WTO helps manage trade between countries, ensuring that it runs smoothly and safely. It sets various, complex rules in place, created by legal agreements signed by governments of multiple countries. It can also impose tariffs and taxes on goods.
What if a Principle/Law of the WTO is Violated?
If a member country breaks any principle including, but not limited to, safety, services, transparency, or more, the WTO punishes the accused strictly. Examples of consequences include fines and bans.
Problems with the WTO
Even though the WTO may sound like a great idea, it also comes with its own problems. Since many argue that WTO is a complete failure and a waste of resources because the WTO undermines the economies of small countries by imposing tariffs.
Conclusion
The World Trade Organization (WTO) is an international organization that oversees and manages international trade between countries. It was established to prevent trade wars and keep trade running smoothly.
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