Explain Function of WTO.

The World Trade Organization (WTO) serves as the global international organization that regulates and facilitates international trade among its member countries. It operates as a forum for negotiating trade agreements, resolving disputes, and overseeing the implementation of trade rules. The primary functions of the WTO can be summarized as follows:

1. Negotiating Trade Agreements: One of the key functions of the WTO is to facilitate negotiations among its member countries to establish multilateral trade agreements. These agreements aim to reduce barriers to trade, such as tariffs and quotas, and create a more open and predictable trading environment. The most notable agreement under the WTO is the General Agreement on Tariffs and Trade (GATT), which provides a framework for international trade rules and disciplines.

2. Ensuring Trade Liberalization: The WTO promotes trade liberalization by encouraging its members to lower trade barriers and eliminate discriminatory practices. Through negotiations and agreements, the WTO seeks to create a level playing field for trade, allowing countries to compete fairly and benefit from increased market access and economic integration.

3. Monitoring and Enforcement: The WTO monitors the trade policies and practices of its member countries to ensure compliance with WTO rules and agreements. It conducts regular reviews of member countries' trade policies and assesses their impact on global trade. Additionally, the WTO provides a dispute settlement mechanism to resolve trade disputes between member countries, helping to prevent trade wars and protect the stability of the global trading system.

4. Technical Assistance and Capacity Building: The WTO provides technical assistance and capacity-building support to developing and least developed countries to help them participate more effectively in the global trading system. This assistance includes training programs, workshops, and advisory services aimed at helping countries improve their trade-related infrastructure, institutions, and policies.

5. Promoting Development: The WTO recognizes the importance of trade as a driver of economic growth and development, particularly for developing countries. It seeks to ensure that the benefits of trade are distributed equitably and that developing countries have access to the global market on favorable terms. The WTO's special and differential treatment provisions allow developing countries to implement trade policies that take into account their specific needs and constraints.

Overall, the WTO plays a central role in shaping the rules and principles that govern international trade and in promoting a more open, transparent, and rules-based trading system. By facilitating negotiations, resolving disputes, and providing technical assistance, the WTO contributes to global economic development, stability, and prosperity.