What is the role of the World Trade Organization in global trade?

The World Trade Organization (WTO) is an international organization that regulates global trade between nations. It was established in 1995 to replace the General Agreement on Tariffs and Trade (GATT) which had been in existence since 1947. The WTO provides a forum for member countries to negotiate and monitor trade agreements, and to resolve disputes related to international trade.

The role of the WTO in global trade is to promote free and fair trade among its member countries. It does this by negotiating trade agreements, providing a platform for dispute resolution, and monitoring the trade policies of member countries to ensure that they comply with WTO rules and regulations. The WTO also provides technical assistance and training to developing countries to help them participate more effectively in global trade.

The WTO operates on the principle of non-discrimination in trade, which means that member countries cannot discriminate against other member countries in their trade policies. The organization also promotes transparency in trade by requiring member countries to notify the WTO of their trade policies and to publish them for public scrutiny. In addition, the WTO works to reduce trade barriers, such as tariffs and quotas, and to liberalize trade in services, intellectual property, and other areas.