Description
The World Trade Organization (WTO) is a worldwidebody that standardizesglobal trade. Trade is one of the important segments of the world economy, and globalization has not only increased international trade, but it has also predisposed the world to trade conflicts because of the growing competition, making the case for a regulator (Jackson, 2008). WTO therefore acts as the monitor at the world trade stage, ensuring first there are rules, and second, the rules are obeyed. The organization plays a critical role in administering conflicts arising from international trade, providing a platform where member states sort out their trade differences (Hill & Jain, 2000). Considering the importance of trade in the world today, and the cut throat competition that predisposes states to trade conflicts, the importance of the World Trade Organization performs vital functions regulating world trade.
