How does the WTO promote international trade?

The World Trade Organization (WTO) promotes international trade in several ways. Firstly, it provides a platform for member countries to negotiate and establish trade agreements, such as the General Agreement on Tariffs and Trade (GATT) and its successor, the WTO Agreement. These agreements aim to reduce trade barriers, such as tariffs and quotas, and create a more open and predictable trading system.

Secondly, the WTO enforces and monitors the implementation of these trade agreements. It provides a dispute settlement mechanism that allows member countries to resolve trade disputes in a fair and impartial manner. This helps to ensure that trade rules are followed and provides stability and certainty for international trade.

Additionally, the WTO conducts regular trade policy reviews of its member countries, which involves assessing their trade policies and practices. This process encourages transparency and accountability, as countries are required to report on their trade measures and engage in discussions with other members.

Furthermore, the WTO provides technical assistance and capacity-building programs to help developing countries participate effectively in international trade. This includes support for trade-related infrastructure, training, and policy development.

Overall, the WTO plays a crucial role in promoting international trade by facilitating negotiations, enforcing trade agreements, monitoring trade policies, and providing assistance to member countries.