Unraveling the World Trade Organization: The Secrets Behind Global Trade

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The World Trade Organization (WTO) is an international organization established in 1995 with the goal of promoting and regulating international trade. Its functions include administering trade agreements, resolving trade disputes, conducting trade policy reviews, and providing technical assistance to developing countries. The WTO's main agreement is the General Agreement on Tariffs and Trade (GATT), which governs trade in goods. The organization also oversees agreements on services trade (GATS) and intellectual property rights (TRIPS). The WTO's dispute settlement system ensures a fair and impartial resolution of trade conflicts, while its trade policy reviews help identify barriers to trade and encourage necessary reforms. Critics argue that the WTO's rules disadvantage developing countries and question its effectiveness in addressing non-tariff barriers and protecting the environment and labor rights. However, supporters contend that the WTO has played a vital role in promoting economic growth, job creation, and poverty reduction through trade liberalization. Overall, the WTO remains an important institution in shaping the global trading system.
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"00:20 The World Trade Organization (WTO) is a vital institution established
01:39 The WTO administers trade agreements
02:05 The WTO conducts trade policy reviews"