Trade rounds

Definition

Trade rounds are series of negotiations under the auspices of the World Trade Organization (WTO) aimed at reducing barriers to international trade and ensuring a smoother flow of goods and services across borders. These rounds involve member countries discussing agreements that can cover a wide range of trade issues, including tariffs, subsidies, and trade-related regulations.

Related terms

World Trade Organization (WTO): An international organization that regulates international trade between nations, aiming to ensure that trade flows as smoothly, predictably, and freely as possible.

Tariffs: Taxes imposed by a government on imported goods from foreign countries, used as a tool to control trade policies.

Subsidies: Financial contributions provided by governments to domestic industries or businesses intended to bolster their competitiveness or manage the costs of their products and services.