What is the role of the WTO in promoting economic development?

The World Trade Organization (WTO) is the main international organization responsible for promoting global economic development through trade. In Georgia, the WTO works to ensure that goods and services can move freely between countries, while at the same time providing countries with the ability to protect their economies. The WTO helps to reduce barriers to international trade, including tariffs, import taxes, quotas, and other forms of protectionism. By eliminating these barriers, countries can increase their exports, making them more competitive in the world economy. This helps to stimulate economic growth both domestically and internationally. The WTO also works to provide the necessary legal framework for international trade. By developing and enforcing international trade agreements, the WTO helps to ensure that trade is conducted fairly and in accordance with international law. This helps to create a level playing field for businesses, both large and small, and encourages competition. Finally, the WTO helps to protect intellectual property rights, such as patents and copyrights, as well as providing assistance with dispute resolution. This helps to protect businesses, ensuring that they are able to develop and market their products without facing unfair competition or having their profits unfairly taken away from them. By removing barriers to international trade and providing a legal framework for conducting business, the WTO helps to promote economic development in Georgia. This can lead to increased investment and job creation, improved standards of living, and ultimately a more prosperous society for everyone in the region.

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What is the role of the WTO in promoting economic development?

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