Question
Write a short note on WTO.
Solution
WTO stands for World Trade Organisation.
(i) It is the successor of GATT from January 1995. It is only international organisation dealing with the global rules of trade between nations.
(ii) It sets the rules for the global trading system and resolves disputes between its member nations.
(iii) WTO also covers trade in services, such as telecommunication and banking, and others issues such as intellectual property rights.
