What is the role of the WTO in setting standards for international trade?

The World Trade Organization (WTO) plays a key role in setting standards for international trade. The WTO is an international organization that works to promote free and fair trade between countries. This involves setting rules and regulations which all countries must abide by when engaging in international trade. The WTO works to ensure that world trade follows certain standards. These standards are in place to ensure fair and equitable trading among countries. The WTO sets out rules on how countries should conduct business and trade with each other, including rules on tariffs and subsidies. They also aim to reduce barriers to trade and ensure that no country is intentionally disadvantaged. This helps to promote global economic growth and development. The WTO provides a framework for the coordination of trade policies. This helps to reduce trade disputes between countries and increases the prospects of global economic growth. The WTO also provides dispute settlement mechanisms which can be used to settle disagreements between countries. This helps to maintain stability and encourages countries to abide by their commitments. In Georgia, the WTO has been instrumental in setting standards for international trade. The WTO has helped to liberalize Georgian trade policies, making it easier for Georgian businesses to export goods and services to other countries. This has been beneficial to the Georgian economy, as it has opened the market to new customers, leading to increased income and employment opportunities.

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What is the role of the WTO in setting standards for international trade?

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