What is the WTO? What is the role of the WTO in International Trade?

The World Trade Organization is an International Organization, which regulates international trade. It was formed in 1995, India is a founding member of the WTO. Currently, 159 countries are members of the WTO.

The role of the WTO in international trade-

1. The main aim of WTO is to liberalize international trade.

2. It provides a forum for trade negotiations and handling trade disputes.

3. It sets rules for International Trade and sees that these rules are followed by countries.

4. The WTO has been criticized for being unfair towards developing countries.

(WTO rules force developing countries to remove trade barriers. Developing countries have reduced trade barriers as per WTO rules, but many developed countries have ignored the rules of WTO.)

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