What does WTO stand for in the context of international trade?

The correct answer is World Trade Organization. This organization plays a crucial role in international trade, serving as a global institution that regulates and facilitates trade among nations. Established in 1995, the WTO provides a framework for negotiating trade agreements, resolving trade disputes, and promoting free trade by overseeing a set of trade rules among its member countries. It aims to reduce barriers to trade, ensure that trade flows as smoothly and predictably as possible, and promote fair competition in the global market.

Understanding the function and significance of the World Trade Organization is essential for grasping the dynamics of international commerce and trade policy. This organization influences economic relations between countries and affects various industries and market conditions worldwide.