Question
Which international organization is responsible for the
regulation of international trade and settling disputes between member countries?Solution
In brief, the World Trade Organization (WTO) is the only international organization dealing with the global rules of trade. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. The WTO plays a very vital role in resolving trade conflicts under the Dispute Settlement Understanding, for enforcing the rules and therefore for ensuring that trade flows smoothly. Governments bring disputes to the WTO if they think their rights under the WTO agreements are being infringed.
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