What is the role of the World Trade Organization (WTO)?

The World Trade Organization (WTO) is an international organization that regulates global trade by providing a framework for negotiating trade agreements and resolving trade disputes between nations. Its primary goal is to ensure that trade flows as smoothly, predictably, and freely as possible by promoting trade liberalization and reducing trade barriers such as tariffs and quotas. The WTO also works to provide a platform for member countries to address issues related to intellectual property, services, and agricultural subsidies. By fostering cooperation and fair competition, the WTO plays a crucial role in the global economy and in promoting economic development.