\u2713The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world\u2019s trading nations and ratified in their parliaments.<\/p>\n\n\n\n
\u2713The WTO has 164 members (including European Union) and 23 observer governments (like Iran, Iraq, Bhutan, Libya etc).<\/p>\n\n\n\n
\u2713The WTO\u2019s global system lowers trade barriers through negotiation and operates under the principle of non-discrimination.<\/p>\n\n\n\n
\u2713The result is reduced costs of production (because imports used in production are cheaper), reduced prices of finished goods and services, more choice and ultimately a lower cost of living.<\/p>\n\n\n\n
\u2713The WTO\u2019s system deals with these in two ways.<\/p>\n\n\n\n
\u2206One is by talking: countries negotiate rules that are acceptable to all.<\/p>\n\n\n\n
\u2206The other is by settling disputes about whether countries are playing by those agreed rules.<\/p>\n\n\n\n
\u2713The WTO can stimulate economic growth and employment.<\/p>\n\n\n\n
\u2713The WTO can cut the cost of doing business internationally.<\/p>\n\n\n\n
\u2713The WTO can encourage good governance. Transparency \u2014 shared information and knowledge \u2014 levels the playing field.<\/p>\n\n\n\n
\u2713Rules reduce arbitrariness and opportunities for corruption.<\/p>\n\n\n\n
\u2713The WTO can help countries develop: Underlying the WTO\u2019s trading system is the fact that more open trade can boost economic growth and help countries develop.<\/p>\n","protected":false},"excerpt":{"rendered":"
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