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World Trade Organization (WTO) Functions
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Administering WTO Trade Agreements
The WTO oversees the implementation, administration, and operation of the covered agreements and provides a forum for negotiations and for settling disputes.
Providing a Forum for Trade Negotiations
The WTO serves as a platform where member governments go to try to sort out the trade problems they face with each other.
Handling Trade Disputes
The WTO's procedure for resolving trade quarrels under the Dispute Settlement Understanding is vital for enforcing the rules and ensuring that trade flows smoothly.
Monitoring National Trade Policies
Through its Trade Policy Review Mechanism, the WTO assesses and reports on members' adherence to WTO agreements and commitments.
Technical Assistance and Training for Developing Countries
The WTO provides assistance to build trade capacity of developing countries through courses, workshops, and other channels.
Cooperation with Other International Organizations
The WTO cooperates with other international organizations like the IMF and World Bank to enhance coherence in global economic policymaking.
Transparency in Government Procurement
The WTO works to ensure that government procurement processes are transparent, fair, and open to all qualified bidders.
Providing Information on Trade and Tariff Data
Through its various databases and publications, the WTO offers access to a wealth of trade-related data and tariff information.
Facilitating the Implementation of Trade Facilitation Agreement
The WTO assists in the implementation of the Trade Facilitation Agreement (TFA) which aims to expedite the movement, release, and clearance of goods across borders.
Disseminating Research and Analysis
The WTO conducts and publishes extensive economic research and analysis on global trade issues, which helps shape global trade policies.
Environmental and Health Standards
The WTO promotes the establishment of fair and science-based environmental and health standards that do not create unnecessary obstacles to trade.
Intellectual Property Rights Protection
Under the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), the WTO sets down minimum standards for many forms of intellectual property regulation.
Crisis Management During Trade Conflicts
The WTO plays a role in managing and mitigating trade conflicts that can arise when countries enact protectionist measures.
Agricultural Trade Standards
The WTO works with member countries to negotiate and enforce rules and commitments to lower trade barriers and subsidies in agriculture.
Promoting Least Developed Countries' Interests
The WTO specifically works to ensure that the needs and interests of the least developed countries are taken into account in WTO negotiations.
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