Question

What is the WTO? What are the main principles on which the WTO was founded? Briefly discuss the principle areas (trade topics) which the WTO addresses and is seeking to achieve consensus in trade?

Answer 1

Sol :

WTO (World Trade Organisation) is the organisation which is set up to see that trade between nation is done according to the rules set up WTO.

Main principle on which WTO was founded is :

• Open trade between the countries.
• Tariff reduction
• Increasing of transparency between the activities of the nation.

The main area addressed by WTO :

• Trading of goods and services.
• Intellectual property rights
• Trade agreement between the nation.

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