Definition
World Trade Organisation (WTO)
International organisation who is in charge of regulating and facilitating international trade.
Objectives and Functions
The World Trade Organisation (WTO) has the following objectives and functions:
- It is in charge of administrating WTO agreements.
- The organisation assists in the implementation and oversight of international trade agreements.
- Provides a forum for negotiating trades.
- One of the most important functions of the WTO as it provides a platform for member countries to discuss trade problems and negotiate agreements.
- Resolves trade disputes.
- When members dispute on issues, the final decision goes to the WTO to resolve the disagreement.
- Monitors national trade policies.
- WTO performs periodic reviews of member countries' trade policies and members are to notify WTO of any changes in their trade policies.
- Offers developing countries technical training and assistance.
- WTO offers training of government officials, academia, private sector representatives, etc, in developing countries on trade issues and WTO agreements.
- In control of cooperation with other international organisations.
- Works with World Bank and International Monetary Fund, to coordinate in creating global policies.
