What is the World Trade Organization (WTO)?
The World Trade Organization (WTO) is an international organization that serves as the primary legal and policy forum for trading nations. The WTO was established in 1995 to promote global economic growth and development through multilateral trade negotiations and agreements. It is responsible for setting and enforcing rules that govern global trade relations. The WTO operates on the basis of consensus-building and consultation between member countries. It provides a forum for nations to negotiate the terms of trade agreements and resolve disputes through a dispute settlement process. The WTO also works to promote liberalized trade by providing technical assistance and capacity building to its members. The WTO agreements also include specific rules for global imports and exports, such as tariffs and quotas, and set standards for how governments treat foreign investment. The WTO also sets standards for intellectual property protection and provides a platform for developing countries to access international markets. In New Hampshire, the WTO impacts the state in various ways. It helps ensure that New Hampshire businesses can gain access to foreign markets, while also protecting domestic market share from foreign competition. It also provides a forum for the state to pursue market access for its agricultural and manufactured goods in foreign markets. Lastly, New Hampshire can use the WTO to help resolve international disputes that arise between its trading partners.
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