What is the World Trade Organization (WTO)?
The World Trade Organization (WTO) is an international organization that works to promote global trade and economic growth. It was established in 1995 and is based in Geneva, Switzerland. The WTO is responsible for setting the rules of international trade between countries and is the arbitrator when there are disputes. It provides a forum for governments to negotiate and settle agreements, resolve disputes, and review national trade policies. The organization is made up of 164 countries that are members and work together to reduce trade barriers and promote free trade. This allows countries to increase the production of goods and services and expand their exports.The WTO also works to ensure that its member countries are not discriminated against in international trade. The members of the WTO commit to negotiating and implementing agreements that will liberalize trade across all sectors of their economy. This type of economic liberalization is often referred to as a “free trade” agreement. In most cases, these agreements are legally binding and are enforced by the WTO. In Massachusetts, the WTO plays an important role in regulating international trade. The Bay State is a major exporter of things such as seafood, agricultural products, and pharmaceuticals. The WTO helps to ensure that Massachusetts’ products can get to global markets without encountering unreasonable trade barriers. As a result, Massachusetts’ economy benefits from increased economic activity.
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