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Eco Economics

EconomicsNEB 2082

Name the international organisation dealing with global rules of trade between nations.

1

Answer

· Based on the official syllabus and past papers
Updated

The international organization responsible for setting and enforcing global rules of trade between nations is the World Trade Organization (WTO).

Established on January 1, 1995, the WTO operates as the successor to the General Agreement on Tariffs and Trade (GATT). Its primary functions include:

  • Administering and monitoring trade agreements.
  • Providing a forum for trade negotiations.
  • Resolving trade disputes between member countries.
  • Supporting developing nations through technical assistance and training.

The WTO’s agreements cover goods, services, and intellectual property, ensuring fair and predictable trade flows. It currently has 164 member countries, representing over 98% of global trade. The organization plays a crucial role in promoting economic growth and reducing trade barriers worldwide.

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