WTO Meaning and
Definition
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The World Trade Organization (WTO) is an international organization that regulates and facilitates global trade among nations. It functions as a forum for negotiations, dispute settlement, and the establishment of rules governing international trade.
The WTO was established in 1995 with the goal of promoting free and fair trade between nations, while also ensuring that trade flows smoothly across borders. It provides a platform for member countries to negotiate trade agreements and address issues related to import tariffs, subsidies, intellectual property rights, and services trade, among others.
The key role of the WTO is to enforce rules and resolve trade disputes between member countries. It operates a system of trade dispute settlement mechanisms, including panels of independent experts, to adjudicate on trade disagreements. The organization also encourages its member countries to abide by international trade rules and commitments, thereby promoting stability and predictability in global trading relationships.
Furthermore, the WTO encourages economic development and growth by facilitating greater market access for developing countries, fostering fair competition, and improving transparency in trade-related regulations. It also provides technical assistance and capacity-building programs to assist developing countries in enhancing their trade capabilities and benefiting from the global trading system.
Overall, the WTO serves as a comprehensive framework for international trade, promoting the principles of non-discrimination, openness, and transparency. It aims to foster global economic cooperation, reduce trade barriers, and ensure a level playing field for all nations engaged in international trade.
Common Misspellings for WTO
Etymology of WTO
"WTO" stands for the World Trade Organization. The etymology of this acronym can be broken down as follows:
1. World: The word "world" is derived from the Old English word "weorold", which ultimately comes from the Proto-Germanic root "weraldan", meaning "age of man" or "human existence". It has remained relatively unchanged across various Germanic languages.
2. Trade: The word "trade" comes from the Middle English word "traden" and the Old English word "tradian". These words are ultimately derived from the Latin word "trādere", which means "to deliver" or "to hand over". The Latin word was a combination of "trans" (across) and "dare" (to give).
3. Organization: The word "organization" comes from the Latin word "organizare", which means "to organize" or "to arrange".
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