What is the World Trade Organization (WTO)?
The World Trade Organization (WTO) is an international organization that deals with the rules governing international trade between countries. It was created in 1995 to replace the General Agreement on Tariffs and Trade (GATT), which was established in 1948. The WTO is based in Geneva, Switzerland, and has 164 members. The WTO establishes a framework for trade policies between countries that is fair and open. The goal of the WTO is to liberalize trade between member countries, which usually results in greater economic prosperity. It sets rules about tariffs, subsidies, and other trade policies and provides a system for settling trade disputes. Its members must agree to abide by the agreements they sign on to. In the District of Columbia, the World Trade Organization (WTO) has significant influence on the laws of International Trade Law. The District must comply with the rules and regulations set forth by the WTO. The regulations help ensure a level playing field when it comes to international trade between countries, which in turn helps promote economic growth and global development. In sum, the WTO is an international organization that sets and enforces the rules for international trade between countries. Its purpose is to liberalize trade between members, which usually leads to greater economic prosperity. In the District of Columbia, the WTO plays an important role in the laws of International Trade Law.
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