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Simple English definitions for legal terms
WTO
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A quick definition of WTO:
WTO stands for World Trade Organization. It is an organization that helps countries trade with each other. It makes sure that trade is fair and that everyone follows the same rules. Think of it like a referee in a game, making sure everyone plays by the same rules.
A more thorough explanation:
Term: WTO
Definition: The WTO stands for the World Trade Organization. It is an international organization that deals with the rules of trade between nations. It helps to ensure that trade flows smoothly, predictably, and freely as possible.
Examples:
- When a country wants to join the WTO, it must agree to follow the organization's rules and regulations.
- The WTO helps to settle disputes between countries over trade issues.
- The WTO also provides technical assistance and training to help developing countries build their trade capacity.
The examples illustrate how the WTO works to promote fair and open trade between countries. By setting rules and regulations, resolving disputes, and providing assistance to developing countries, the WTO helps to create a more stable and predictable global trading system.