WTO

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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
  1. an international organization based in Geneva that monitors and enforces rules governing global trade

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