What is the World Trade Organization (WTO)?
The World Trade Organization (WTO) is an international organization that sets and enforces global rules and regulations related to international trade. The WTO was created in 1995 with the purpose of reducing trade barriers and creating a fair and open trading system between countries. The WTO is based in Geneva, Switzerland, and is made up of 164 member countries, including the United States, Canada, and Mexico. In Alaska, the WTO has a big impact on the way businesses and consumers can trade goods from other countries. For example, the WTO sets rules for the tariffs, or taxes, that are placed on imported goods. This helps to ensure that the prices of imports are fair and reasonable for consumers. The WTO also sets rules for the export of Alaska’s seafood, oil and natural gas, and other goods to other countries. The WTO also works to help resolve trade disputes between its member countries. When two countries are unable to come to an agreement on the rules and regulations of international trade, the WTO’s Dispute Settlement Body works to help them reach a satisfactory solution that benefits both countries. Overall, the World Trade Organization is an important organization that helps to ensure a fair and open trading system between countries and helps to promote economic growth worldwide.
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