What is the role of the WTO in promoting economic development?
The World Trade Organization (WTO) is an international organization which facilitates and regulates international trade between nations. The WTO was founded in 1995 and since then has become the leading authority in international trade law. The WTO’s main priority is to promote economic development, and this is achieved through various measures such as ensuring that trade takes place without any discrimination or unfair practices. The WTO does this by overseeing the implementation of international trade agreements and by providing an effective dispute resolution process; this helps to ensure that trading countries adhere to and apply the trade agreements which have been negotiated. The WTO also works to open markets and reduce barriers so that countries can increase their trade and benefit from increased economic growth. The WTO works to reduce tariffs and non-tariff barriers, as well as to promote fair and equal trading conditions. In South Carolina, the WTO works to promote economic development by providing trade-facilitation measures which enable businesses and organizations to obtain the resources they need to operate in the global marketplace. The WTO helps to create a level playing field for free and fair trade by ensuring that international agreements are implemented in an effective and transparent manner. This provides assurance and helps to ensure that businesses in South Carolina can compete fairly in the global economy. In turn, this helps to reduce poverty, boosts economic growth and strengthens the local economy.
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