Entity: WTO
WTO is an abbreviation that commonly stands for the World Trade Organization, an international body that regulates and facilitates trade between nations.
WTO
Etymology
The abbreviation WTO stands for World Trade Organization.
Definition
WTO refers to a global organization that deals with the rules of trade between nations, aiming to ensure that trade flows as smoothly, predictably, and freely as possible.
Historical Context
The World Trade Organization was established on January 1, 1995, replacing the General Agreement on Tariffs and Trade (GATT). It provides a forum for negotiating trade agreements, handling trade disputes, and monitoring national trade policies.
Cultural Significance
The WTO plays a crucial role in shaping global trade policies, impacting economies, industries, and workers worldwide. It has faced criticism for favoring developed nations over developing ones and for its lack of transparency.
Related Concepts
- GATT (General Agreement on Tariffs and Trade)
- Free trade agreements
- Trade liberalization
See Also
A global organization that deals with the rules of trade between nations, aiming to ensure that trade flows as smoothly, predictably, and freely as possible.