What is the objective of the WTO? What are its benefits?
What is the objective of the WTO? What are its benefits?
Objectives of WTO are as follows:
• To ensure a reduction of tariffs and other trade barriers imposed by different countries;
• To engage in such activities which improve the standards of living, create employment, increase income and effective demand and facilitate higher production and trade;
• To facilitate the optimal use of the world’s resources for sustainable development;
• To promote an integrated, more viable and durable trading system.
Benefits of WTO are as follows:
• It helps promote international peace and facilitates international business.
• All disputes between member nations are settled with mutual consultations.
• Rules make international trade and relations very smooth and predictable.
• Free trade improves the living standards of the people by increasing the income level.
• Free trade provides ample scope to obtain varieties of good-quality products.
• Economic growth has been sped up because of free trade.
• The system encourages good governance.
• WTO helps to foster the growth of developing countries.
Objectives of WTO are as follows:
• To ensure a reduction of tariffs and other trade barriers imposed by different countries;
• To engage in such activities which improve the standards of living, create employment, increase income and effective demand and facilitate higher production and trade;
• To facilitate the optimal use of the world’s resources for sustainable development;
• To promote an integrated, more viable and durable trading system.
Benefits of WTO are as follows:
• It helps promote international peace and facilitates international business.
• All disputes between member nations are settled with mutual consultations.
• Rules make international trade and relations very smooth and predictable.
• Free trade improves the living standards of the people by increasing the income level.
• Free trade provides ample scope to obtain varieties of good-quality products.
• Economic growth has been sped up because of free trade.
• The system encourages good governance.
• WTO helps to foster the growth of developing countries.
