"The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade."
Organizations such as the World Trade Organization (WTO) that oversee and promote international trade.
Free trade agreements: Agreements between countries to remove barriers to trade and promote economic integration.
World Trade Organization (WTO): An international organization that sets the rules for global trade and resolves disputes between member countries.
Trade policies: Laws and regulations that govern trade between countries, including tariffs, quotas, and subsidies.
Comparative advantage: The principle that countries should specialize in producing the goods and services they can produce most efficiently, and trade with other countries for goods and services they cannot produce efficiently.
Protectionism: The practice of protecting domestic industries from foreign competition through restrictions on imports, subsidies, and other measures.
Regional trade organizations: Organizations that promote trade and economic integration within a specific region, such as the European Union or the Association of Southeast Asian Nations.
Trade liberalization: The process of removing barriers to trade and promoting free trade between countries.
Foreign direct investment: Investment in a foreign country by a company or individual from another country.
Balance of trade: The difference between a country's exports and imports of goods and services.
Multinational corporations: Companies that operate in multiple countries, often with production facilities and operations located around the world.
Intellectual property rights: Legal protections for creative works, such as patents, trademarks, and copyrights, which are essential for facilitating international trade in goods and services.
Foreign exchange markets: Markets where currencies are traded, which are essential for international trade and financial transactions.
Trade imbalances: Situations where one country exports more than it imports, or vice versa, which can create economic challenges for the countries involved.
Trade negotiations: Discussions between countries aimed at reaching agreements on issues related to trade, such as tariffs and quotas.
Economic globalization: The process of increasing economic interconnectedness and integration across the world, including through increased trade, investment, and migration.
World Trade Organization (WTO): A global organization that regulates international trade and resolves disputes between member countries.
International Monetary Fund (IMF): A global organization that promotes international monetary cooperation, stabilizes exchange rates, and facilitates the balanced growth of international trade.
The World Bank: An international financial institution that provides loans and grants to developing countries for development programs and projects.
United Nations Conference on Trade and Development (UNCTAD): A forum for developing countries to discuss trade issues and policies.
International Chamber of Commerce (ICC): A global business organization that promotes international trade and represents the interests of the private sector.
International Trade Centre (ITC): A joint agency of the WTO and the UN that helps businesses in developing countries to access international markets.
Regional trade organizations: Examples include the European Union (EU), the North American Free Trade Agreement (NAFTA), and the Association of Southeast Asian Nations (ASEAN).
Bilateral trade agreements: Agreements between two countries to reduce trade barriers and increase trade between them.
Multilateral trade agreements: Agreements between multiple countries to reduce trade barriers and increase trade between them.
Free trade zones: Areas where goods can be traded without tariffs or other trade barriers, typically established between neighboring countries.
"It officially commenced operations on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, thus replacing the General Agreement on Tariffs and Trade (GATT) that had been established in 1948."
"The WTO is the world's largest international economic organization, with 164 member states representing over 98% of global trade and global GDP."
"The WTO facilitates trade in goods, services, and intellectual property among participating countries."
"These agreements usually aim to reduce or eliminate tariffs, quotas, and other restrictions."
"These agreements are signed by representatives of member governments and ratified by their legislatures."
"The WTO also administers independent dispute resolution for enforcing participants' adherence to trade agreements and resolving trade-related disputes."
"The organization prohibits discrimination between trading partners but provides exceptions for environmental protection, national security, and other important goals."
"The WTO is headquartered in Geneva, Switzerland."
"The top decision-making body is the Ministerial Conference, which is composed of all member states and usually convenes biennially."
"Day-to-day functions are handled by the General Council, made up of representatives from all members."
"A Secretariat of over 600 personnel, led by the Director-General and four deputies, provides administrative, professional, and technical services."
"The WTO's annual budget is roughly 220 million USD, which is contributed by members based on their proportion of international trade."
"Studies show the WTO has boosted trade and reduced trade barriers."
"A 2017 analysis found that the vast majority of preferential trade agreements (PTAs) up to that point explicitly reference the WTO, with substantial portions of text copied from WTO agreements."
"Goal 10 of the United Nations Sustainable Development Goals also referenced WTO agreements as instruments of reducing inequality."
"Critics contend that the benefits of WTO-facilitated free trade are not shared equally."