Write the functions of the World Trade Organization.
Answer: The WTO mainly serves as a mediator between the member countries of the WTO for the coordination of trade or international trade regulations between different countries, their successful implementation, and the establishment of multilateral trade relations. In addition, the functions of the World Trade Organization are different. E.g. –
1. Multinational Trade System :
Once international trade was concentrated only at the bi-national level. One of the functions of the WTO is to take the necessary steps to improve international trade from a bi-national level to a level of uncontrolled multinational trade.
2. Free market access :
The WTO allows for free trade by reducing or lifting trade tariffs and ancillary restrictions between the signatory countries.
3. Expansion of service trade :
The function of the World Trade Organization is to expand service trade by eliminating inequalities between its treaty countries.
4. Promotes the import and export of agricultural products :
The World Trade Organization helps to expand the import and export of agricultural products by paying special attention to the conditions and guidelines for the commercial growth and expansion of agricultural products.
5. Cooperation with international organizations :
One of the functions of the World Trade Organization is to fully cooperate with the International Monetary Fund and the World Bank and its affiliates in formulating economic policy.
6. Providing equal opportunities :
Ensuring that each member country enjoys equal access to trade is the main function of the World Trade Organization.
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