What is WTO?

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pohnpei397 | College Teacher | (Level 3) Distinguished Educator

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In the context of business and economics, “WTO” is the acronym for the World Trade Organization.  This is an organization that is dedicated to helping facilitate world trade.  The WTO tries to promote world trade by helping countries to negotiate trade agreements and by enforcing those agreements once they are made.

Most economists believe that trade is good, in the long run, for all of the countries of the world.  They believe that countries that trade with other countries will end up being richer and that the citizens of these countries will have better standards of living than they would if there were no trade.  Because of this, many world leaders want to increase international trade.

The WTO is an organization that helps make this happen.  The WTO has been around since 1995.  It helps countries negotiate deals to make trade easier.  When deals are signed, the WTO enforces them and resolves disputes between countries.  The WTO also does a variety of things to help developing countries become stronger economically.

For more information on the WTO, follow the link below.

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