WTO
Definition
1. Proper noun: - World Trade Organization: An international institution headquartered in Geneva, Switzerland, responsible for establishing, monitoring, and enforcing the rules of international trade between nations.
Usage Examples
- Proper noun:
- The WTO aims to ensure that trade flows as smoothly, predictably, and freely as possible.
- A country must negotiate its terms of entry when it wants to join the WTO.
- The dispute was settled according to the rules established by the WTO.
Advanced Usage
"WTO rules": Refers to the comprehensive set of agreements that form the legal foundation for global trade.
- The policy was challenged for being inconsistent with WTO rules.
"WTO member": A country or customs territory that has acceded to the organization.
- As a WTO member, the nation agreed to lower its import tariffs.
"WTO dispute settlement mechanism": The formal process for resolving trade conflicts between member states.
- The countries used the WTO dispute settlement mechanism to resolve the conflict.
Variants and Related Words
- GATT (General Agreement on Tariffs and Trade): The predecessor treaty and organization to the WTO, established in 1947.
- Multilateral trading system: The system of global trade rules, of which the WTO is the principal guardian.
Synonyms
- International trade body
- Global trade organization
Related Phrases
"To bring a case before the WTO": To initiate a formal trade dispute against another member country.
- The government decided to bring a case before the WTO.
"WTO accession": The process by which a country joins the World Trade Organization.
- The lengthy WTO accession process required significant economic reforms.
Noun
-
an international organization based in Geneva that monitors and enforces rules governing global trade
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