Write the role of WTO in globalization.
- The World Trade Organization (WTO) is an organization that intends to supervise and liberalize international trade.
- The organization deals with regulation of trade between participating countries; it provides a framework for negotiating and formalizing trade agreements, and a dispute resolution process aimed at enforcing participants' adherence to WTO agreements, which are signed by representatives of member governments and ratified by their parliaments
- Its main function is to ensure that trade flows as smoothly, predictably and freely as possible.
- it is the WTO's duty to review the national trade policies, and to ensure the coherence and transparency of trade policies through surveillance in global economic policy-making.
- Another priority of the WTO is the assistance of developing, least-developed and low-income countries in transition to adjust to WTO rules and disciplines through technical cooperation and training
- The WTO is also a center of economic research and analysis: regular assessments of the global trade picture in its annual publications and research reports on specific topics are produced by the organization
- The WTO deals with the rules of trade between nations. It was created to supervise and liberalise international trade. Its role in the global market is to negotiate and implement new trade agreements. It functions as an international court to resolve trade disputes.