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Q1-What is a world trade organization?
World Trade Organization (WTO) is a global international trade organization concerned with the legal aspects of trade between different nations of the world. WTO also regulates WTO agreements, which is signed by the trading nations of the world. The main focus of WTO is to ensure that the trade flows are smooth and abiding by all the protocols.
Q2-What is the main objective of WTO?
The main objectives of WTO involve providing a forum for negotiating and monitoring trade liberalization, increasing the trade of services and resolving disputes related to trade. Moreover, it is concerned with enforcing International trade rules, increasing the transparency of decision-making processes and helping developing countries benefit from the global trading. WTO is also responsible for maintaining sustainable development and improving the standard of living of people.
Q3-What are the rules of the World Trade Organization?
The main rules of the World Trade Organization involve easing customs procedures, reducing subsidies and quotas. Apart from fostering the perfect environment for free trade, the other significant rules are concerned with discouraging taxes and domestic laws that are often classified as protection and controlling anti-import tariffs.
Q4-Why was the world trade organization established?
The World Trade Organization was established in 1995 (January 1) to ensure that the global trading taking place between different nations is being conducted as per certain norms. Agreements were signed between different nations to avoid any discrepancy in the trading. Furthermore, it was established to ensure an increased standard of living and helping developing countries grow.
Q5-What are the main features of WTO?
The main features of WTO involve the promotion of undistorted and fair competition among various nations. In addition to this, WTO is concerned with the welfare of the developing nations, and promoting free trade and ensuring stability in the trading system. The other attributes involve non-discrimination, dealing with a wider range of trading issues and decision making.
Q6-What are the three main functions of the World Trade Organization?
World Trade Organization performs a number of important functions. It administers WTO trade agreements, handling disputes related to trade and providing a platform for various trade negotiations. Moreover, WTO is also involved with the monitoring of national trade policies and providing training and assistance for the developing nations.
Q7-What are the advantages of WTO?
The policies set by WTO have been beneficial in lowering the prices of goods and services for the consumers and encouraging free trade between the different nations for greater competitiveness. Furthermore, WTO policies promote peace within nations, provide more choices of products and qualities for the consumers and helping the developing countries grow (economically).
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