Question

Describe the World Trade Organization including its function and number of members.

Answer 1

Answer - The WTO is an organisation which is formed with the motive of strengthening the trade relations within the countries and confirming if the trade is carried out smoothly between the nations. It is a place where the trade disputes are settled. The functions of the WTO can be listed as follows -

1 - settle the disputes and release the trade tensions

2 - reduction of the trade barriers in order to ensure the fair trade

3 - work towards the development of the under developed and developing economies by demanding the cooperation from developer nations

4 - to maintain the harmonious trading environment.

5 - contribute towards the development of economies.

Currently WTO has 164 members and 23 observer governments.