World Trade Organization (WTO),
Definition of World Trade Organization (WTO):
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.
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 It superseded the 1947 General Agreement on Tariffs and Trade (GATT) created in the wake of World War II.
UN multilateral trade organization formed on January 1, 1995 (after culmination of the Uruguay Round) as the successor to GATT and the court of final settlement in trade disputes. Its objectives included (1) removal of all barriers to international trade in goods, services, and intellectual property, (2) equitable and speedy resolution of disputes between trading partners, and (3) identification of non-compliance with trade agreements.
An international body founded in 1995 to promote international trade and economic development by reducing tariffs and other restrictions.
How to use World Trade Organization (WTO) in a sentence?
- The WTO has fueled globalization with both positive and negative effects.
- The world trade organization played an instrumental role in the countrys economic relationship with the United States, we were grateful for this.
- I read about the World Trade Organization and how it governed all of the nations and made them follow certain rules.
- The WTO oversees global trade rules among nations.
- The main focus of the WTO is to provide open lines of communication concerning trade among its members.
- Knowing where the world trade organization stands with your new product should help you to know how you should proceed.
Meaning of World Trade Organization (WTO) & World Trade Organization (WTO) Definition