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Research the WTO. We have learned about it in previous lessons. Answer the following questions below:

What is the name (spelled out) of this organization?

What are the goals?

Who are the main members?

What does the WTO do?

(15 points)

1 answer

World Trade Organization (WTO) Overview

  1. Name: The World Trade Organization

  2. Goals:

    • The main goals of the WTO are to promote free trade by ensuring that trade flows as smoothly, predictably, and freely as possible. This includes:
      • Reducing trade barriers and tariffs.
      • Providing a forum for trade negotiations.
      • Overseeing the implementation and administration of trade agreements.
      • Settling trade disputes between member countries.
      • Ensuring that trade policies are transparent and predictable.

  3. Main Members:

    • The WTO currently has 164 member countries, which includes both developed and developing nations. Some of the key members include:
      • United States
      • European Union (represented by its member states)
      • China
      • India
      • Japan
      • Brazil
    • Membership is open to any sovereign country that agrees to comply with WTO rules.

  4. What Does the WTO Do?:

    • The WTO performs several functions, including:
      • Administering Trade Agreements: Implementing and monitoring the various trade agreements signed by member countries.
      • Negotiating Trade Deals: Facilitating multilateral trade negotiations to lower barriers to trade.
      • Dispute Resolution: Providing a legal framework for resolving trade disputes among member countries through a structured dispute settlement process.
      • Monitoring National Trade Policies: Reviewing and assessing the trade policies of member countries to ensure compliance with WTO agreements.
      • Providing Technical Assistance and Training: Offering support to developing countries in building their trade capacity and understanding WTO rules.

This organization plays a crucial role in the global economy by promoting cooperation and collaboration among nations to facilitate international trade.