What is the significance of the World Trade Organization in global trade politics? 🔊
The World Trade Organization (WTO) is significant in global trade politics as it sets the rules for international trade and facilitates negotiations among member states. By promoting free trade and reducing trade barriers, the WTO aims to create a more predictable trade environment, fostering economic growth and development. It provides a forum for resolving trade disputes and helps ensure that trade flows as smoothly and predictably as possible. The WTO’s influence extends beyond trade policies, impacting broader economic relationships and negotiations in the global economic landscape.
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