What Is The World Trade Organization (WTO) And What Is Its Purpose?

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Posted by AI on 2025-09-01 14:44:36 | Last Updated by AI on 2025-09-01 17:43:01

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Trade wars, tariffs and rule violations were center stage at the SCO summit. Understanding the WTO and its purpose is essential in mitigating these growing challenges to global trade

Lead paragraph:

"As leaders converge on Samarkand for the SCO summit, the World Trade Organization (WTO) has taken centre stage as members countries highlighted mounting global trade challenges. These include unilateral tariffs, trade wars, and rule violations. Understanding the WTO and its purpose is crucial in tackling these growing issues threatening global trade."

Paragraph 1:

"What is the World Trade Organization (WTO)?"

It is an international organization, founded in 1995, promoting free and fair trade between nations. 163 countries are currently members, each of which has veto power over certain decisions. Members negotiate trade agreements between themselves to facilitate fair and reciprocal trade.

Paragraph 2:

"And what is its purpose?"

The WTO aims to create a stable and sustainable global economy through the enforcement and promotion of liberalized trade. It sets the rules for trade between nations, providing a platform for its members to settle trade disputes. The WTO also offers technical and negotiating support to its members and provides research and analysis on trade policy and practice.

Paragraph 3:

"How does it work?"

The WTO achieves its purpose via agreements negotiated between members which provide a framework for trade between them. These agreements cover a vast array of trade-related topics such as tariffs on goods, access to markets, and services. The WTO also provides a forum for members to resolve disputes through its dispute settlement system. This includes a governing body comprised of representatives from all member nations.

Paragraph 4:

"Why is it important?"

The WTO is critical in promoting stability and preventing discrimination and chaos in global trade. It provides a platform for countries, especially developing nations, to settle trade disputes, negotiate favorable trade agreements, and gain access to markets. The WTO's research and data analysis assist members in producing effective trade policies, and it has an important role in accelerating economic development and reducing global poverty.

Conclusion:

"As trade becomes a key point of discussion at the SCO summit, understanding the WTO's role and purpose becomes equally important. With growing challenges to global trade, the need for cooperation and collaboration is crucial in preserving the WTO's agenda of fostering free and fair trade."

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