WTO
The World Trade Organization (WTO) is an international organization responsible for establishing trade standards among countries. The WTO was founded on January 1, 1995. By November 2015, 188 countries had joined the organization.
The WTO's agreements are negotiated and signed by the majority of the countries active in international trade. These agreements create the basic legal standards for international trade, and governments are obligated to ensure that their trade policies fall within the limits established by the WTO.
The objective of the World Trade Organization is to facilitate production of goods and services and streamline importing and exporting. The WTO provides oversight to ensure that undesirable secondary effects do not occur, thereby promoting economic development and well-being.
WTO functions:
- Trade negotiations.
- Applicability and validity periods for laws.
- Resolution of disputes.
- Creation of commercial capacity.
- Outreach with other organizations.
WTO principles:
- To be non-discriminatory.
- To removal obstacles.
- To be predictable and transparent.
- To be more competitive.
- To be more beneficial for developing countries.
- To protect the environment.
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