Question

Write any five aims and functions of the World Trade Organisation.

Answer 1

Instructions:

• Briefly explain about the World Trade Organisation.
• Explain any 5 functions of the WTO.

Solution:
The World Trade Organisation is an intergovernmental body that controls and promotes global commerce.

Functions of WTO:

• The WTO intends to eliminate barriers to international commerce like import taxes. These are known as trade barriers.
• The WTO creates a binding trade agreement that stipulates that all commodities and services would be exchanged between its members with fewer trade restrictions. As a result, conducting business globally is less expensive.
• The nations must alter their foreign trade policies in order to be a member of the binding trade pact. As a result, the WTO also aids in formulating global trade policy.
• The WTO maintains a separate division for the purpose of resolving disputes between its members. With the support of WTO experts, these countries collaborate to devise solutions. By assuring accountability and transparency, the WTO encourages good governance.
• Economic growth is anticipated for all WTO participants. It aims to make member countries' living expenses less expensive. This can only be done when people are employed and earning a reasonable life. It thus expands work opportunities and improves living conditions.