Explain the functions of the United Nations World Trade Organization (WTO).

The World Trade Organization (WTO) is an agency of the United Nations that is responsible for overseeing and regulating international trade. Its main functions include:

1. Promoting free and fair trade: The WTO aims to promote and facilitate the smooth flow of goods, services, and intellectual property across borders. It works towards reducing trade barriers such as tariffs, quotas, and subsidies, and ensures that trade is conducted in a fair and transparent manner.

2. Administering trade agreements: The WTO administers various trade agreements negotiated among its member countries. These agreements cover a wide range of areas such as goods, services, intellectual property, and investment. The WTO ensures that these agreements are implemented and enforced effectively.

3. Settling trade disputes: The WTO provides a platform for resolving trade disputes between member countries. It has a dispute settlement mechanism that allows countries to bring their trade grievances to a neutral panel of experts. The WTO's rulings are binding and aim to ensure that trade disputes are resolved in a fair and timely manner.

4. Providing technical assistance and capacity building: The WTO assists developing countries in building their trade capacity and integrating into the global trading system. It provides technical assistance, training, and support to help countries understand and implement trade rules and regulations effectively.

5. Monitoring and reviewing trade policies: The WTO monitors the trade policies of its member countries to ensure compliance with agreed-upon rules. It conducts regular reviews of member countries' trade policies and provides a platform for dialogue and discussion on trade-related issues.

Overall, the WTO plays a crucial role in promoting global trade, resolving trade disputes, and ensuring that trade is conducted in a fair and transparent manner. It aims to create a level playing field for all countries and contribute to economic growth and development worldwide.