The WTO regulates international trade, formulates tariffs globally, and also resolves conflicts among member countries.
The major functions of WTO are as follows
● To facilitate the implementation, administration and operation and further the objectives of this Agreement and of the Multilateral Trade Agreements, and also provide the frame work for the implementation, administration and operation of the multilateral Trade Agreements.
● To provide the forum for negotiations among its members concerning their multilateral trade relations in matters dealt with under the Agreement.
● To administer the Understanding on Rules and Procedures Governing the Settlement of Disputes.
● To administer Trade Policy Review Mechanism.
● To cooperate, as appropriate, with the international Monetary Fund (IMF) and with the International Bank for Reconstruction and Development (IBRD) and its affiliated agencies with an aim to achieve greater coherence in global economic policy making.
The WTO helps maintain peaceful trans-boundary trades and also resolves the conflicts among the participating countries. It is not possible to imagine international trade in the absence of WTO. All the participating nations are bound to abide by the protocols set by WTO.
