What is the role of the WTO in trade agreements?

What is the role of the WTO in trade agreements?

The WTO, or World Trade Organization, plays a crucial role in facilitating international trade agreements by providing a framework for negotiating and formalizing trade deals among member countries.

How does the WTO help resolve trade disputes?

The WTO has a structured dispute resolution process that allows member countries to resolve trade disagreements through consultations, mediation, and, if necessary, adjudication by a panel of experts.

Can you give an example of a recent trade agreement involving the WTO?

Sure! One recent example is the Regional Comprehensive Economic Partnership (RCEP), which includes several WTO members and aims to reduce tariffs and enhance trade cooperation in the Asia-Pacific region.

What are the criticisms of the WTO?

Critics argue that the WTO can favor developed countries over developing ones, limit national sovereignty, and prioritize trade liberalization over environmental and labor standards.