World Trade Organization (WTO)

Definition

The World Trade Organization is an international organization that deals with the global rules of trade between nations. It helps ensure that trade flows as smoothly, predictably, and freely as possible.

Related terms

Free Trade:

The policy of allowing goods and services to be traded across borders without restrictions or barriers.

Tariffs:

Taxes imposed on imported goods, making them more expensive for consumers.

Dispute Settlement Mechanism: A process within the WTO that helps resolve conflicts between member countries regarding trade issues.