Role of WTO in supervising and liberalising international trade

 The World Trade Organization (WTO) is the primary international organization that oversees and promotes international trade liberalization. The WTO was established in 1995 as a successor to the General Agreement on Tariffs and Trade (GATT), which had been in operation since 1947.

The role of the WTO in supervising and liberalizing international trade is multifaceted. Here are some of the key functions of the WTO:

1. Providing a forum for negotiations: The WTO provides a platform for member countries to negotiate and resolve trade disputes. It encourages member countries to negotiate trade agreements that lower trade barriers and promote trade liberalization.

2. Ensuring compliance with trade rules: The WTO monitors compliance with trade rules and takes action against countries that violate them. It has the power to impose sanctions on countries that violate its rules.

3. Technical assistance and training: The WTO provides technical assistance and training to member countries, particularly developing countries, to help them build the capacity to participate effectively in the multilateral trading system.

4. Promoting trade liberalization: The WTO promotes trade liberalization by encouraging countries to lower trade barriers, such as tariffs and quotas, and by negotiating trade agreements that reduce trade barriers.

5. Monitoring trade policies: The WTO monitors member countries' trade policies and provides a platform for dialogue on trade-related issues.

Overall, the WTO plays a crucial role in supervising and liberalizing international trade by promoting fair trade practices and ensuring compliance with trade rules. Its work is essential in promoting economic growth and development through increased international trade.