WTO stands for the World Trade Organization. It is an intergovernmental organization that regulates international trade. The WTO was established on January 1, 1995, and aims to promote free trade by ensuring that trade flows as smoothly, predictably, and freely as possible. The organization provides a forum for trade negotiations, settles trade disputes, and monitors the implementation of trade agreements. Its primary purpose is to facilitate cooperation and collaboration among member countries to establish fair and equitable trade practices. The WTO also aims to reduce trade barriers, such as tariffs and quotas, and to ensure that trade rules are followed. With its membership consisting of 164 countries as of 2023, the WTO plays a crucial role in global economic governance and the promotion of sustainable development within the context of trade policies.
The U.S. opted out of endorsing a WTO statement condemning Russia's actions in Ukraine, marking a strategic diplomatic shift. Over forty WTO members, including key allies like the EU and…