Explain World Trade

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Explain World Trade

Posted by Aastha Kumari 7 years, 4 months ago

CBSE > Class 10 > Social Science

1 answers

Yogita Ingle 7 years, 4 months ago

(i) World Trade Organisation (WTO) is an international rganisation whose aim is to liberalise international trade.
(ii) Started at the initiative of the developed countries, WTO establishes rules regarding international trade, and sees that these rules are obeyed.
(iii) Nearly 160 countries of the world are currently members of the WTO (as on June 2014).
(iv) Though WTO is supposed to allow free trade for all, in practice, it is seen that the developed countries have unfairly retained trade barriers.
(v) On the other hand, WTO rules have forced the developing countries to remove trade barriers.

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