World Trade Organization (WTO)
Definition
The World Trade Organization is an international organization designed to supervise and liberalize international trade.
Analogy
WTO acts like a referee during an international soccer match; ensuring everyone plays fair, follows the rules and no one has an unfair advantage.
Related terms
Tariffs: Taxes imposed on imported goods and services, used to restrict trade by increasing the price of foreign-produced goods.
Trade Liberalization: The removal or reduction of restrictions or barriers on the free exchange of goods between nations.
Globalization: The process by which businesses or other organizations develop international influence or start operating on an international scale.
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