WTO (World Trade Organization)

Definition

The WTO is an international organization that deals with global trade rules among nations, aiming to ensure fair and predictable trade practices.

Related terms

Tariffs:

Taxes imposed on imported goods, which can affect trade flows between countries.

Free Trade Agreements (FTAs): Deals between two or more countries that reduce barriers to trade, such as tariffs and quotas.

Dispute Settlement Mechanism: A process within the WTO for resolving conflicts between member countries regarding trade issues.