Wto summary essay

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So while the WTO is relatively young, the multilateral trading system that was originally set up under the GATT is over 70 years old. The past 70 years have seen an exceptional growth in world trade. Merchandise exports have grown on average by 6% annually.

Essentially, they are contracts, guaranteeing WTO members important trade rights. They also bind governments to keep their trade policies transparent and predictable which is to everybody’s benefit. The agreements provide a stable and transparent framework to help producers of goods and services, exporters and importers conduct their business.

FUNCTIONS: 1 Administering WTO trade agreements 2 Forum for trade negotiations 3 Handling trade disputes 4 Monitoring trade policies 5 Technical assistance and training for developing economies 6 Cooperation with other international organizations