What is the World Trade Organization (WTO)?
The World Trade Organization (WTO) is an international organization that is responsible for facilitating global trade by setting the rules and regulations of international trade. The WTO regulates the terms of trade between countries and works to ensure that all countries are on the same page with their trade regulations. The WTO was established in 1995 in accordance with the Agreement Establishing the World Trade Organization, which was reached at the Uruguayan Round of multilateral trade negotiations. It is based in Geneva, Switzerland, and currently has 164 member countries. The WTO provides a forum for negotiations between countries on topics related to international trade and helps to reduce or eliminate trade barriers between countries. It also works to promote economic growth and development among its member countries. Additionally, the WTO provides technical assistance to countries in order to help them comply with WTO regulations. The WTO also serves as the ultimate arbiter for trade disputes among its member countries. If two countries have a disagreement about something related to international trade, the WTO can help to resolve the issue. The ultimate goal of the WTO is to create an open and fair global trading system which fosters economic development and well-being for all countries. In California, the WTO works to ensure that all regulations related to international trade are being upheld by the state and that any disputes between countries related to trade are settled fairly.
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