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The World Trade Organization regulates international trade from "summary" of International Economics by Robert Carbaugh
The World Trade Organization (WTO) plays a pivotal role in the regulation of international trade. It serves as a forum where member countries can negotiate trade agreements and resolve disputes regarding trade policies. The primary objective of the WTO is to promote free and fair trade among nations by setting rules and guidelines that govern international trade. One of the key functions of the WTO is to ensure that trade barriers such as tariffs, quotas, and subsidies are reduced or eliminated. By doing so, the organization aims to create a level playing field for all member countries, allowing them to compete on an equal footing in the global marketplace. Additionally, the WTO works to prevent discrimination against foreign goods and services, thereby promoting transparency and non-discrimination in trade practices. Moreover, the WTO provides a platform for member countries to negotiate and implement trade agreements that cover a wide range of issues such as agriculture, services, intellectual property rights, and investment. These agreements help to facilitate trade between nations and promote economic growth and development. Additionally, the WTO monitors the implementation of these agreements and provides a mechanism for resolving disputes that may arise between member countries. In order to fulfill its mandate, the WTO operates on the principle of consensus-based decision-making, where all member countries have an equal say in the negotiation and implementation of trade policies. This ensures that the interests of all member countries are taken into account and that decisions are made in a transparent and democratic manner.- The WTO plays a crucial role in the regulation of international trade by promoting free and fair trade among nations, reducing trade barriers, negotiating trade agreements, and resolving disputes. Through its efforts, the organization helps to create a more open, transparent, and predictable trading system that benefits all member countries.
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