World Trade Organization

The World Trade Organization (WTO) is an international organization that governs the rules of trade between nations and promotes the liberalization of trade. By liberalizing trade, the WTO seeks to remove what it has defined as “barriers to free trade.” Examples of barriers to free trade are high tariffs, subsidies, and protectionist policies such as taxation or giving priority to domestic manufacturers in government procurement contracts. In certain circumstances, the WTO has stated that it supports trade barriers to protect people against the spread of disease and for consumer protection. In addition to its primary purpose as an organization for trade liberalization, the WTO is also a place for governments to negotiate trade agreements, and it serves as a forum to settle international trade disputes. ...