global international organisation that implements rules of trade between nations
WTO agreements negotiated and signed by world's leading trading nations
Explain how the WTO influences global trade - 6mks:
describe what WTO is
some countries decrease trade via tariffs and non-tariff barriers to shield their industries from foreign compeition > protectonism > free trade is removing these barries
talk about the rules WTO implement
What rules does the WTO set out?
countries can't give another country special access to their market w/o doing same for all countries > some exceptions e.g. give special access to memebers of their trading blocs
countries should promote free trade e.g. removing as many trade barriers possible
