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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 organisation responsible for setting and enforcing the global rules of trade among nations is the World Trade Organization (WTO).

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

  • Administering and monitoring trade agreements.
  • Providing a forum for trade negotiations.
  • Resolving trade disputes through a structured dispute settlement mechanism.
  • Supporting developing countries through technical assistance and capacity-building programs.

The WTO’s core objective is to promote free and fair trade by reducing trade barriers, ensuring transparency, and fostering predictable trade policies among its 164 member countries.

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