Question

The World Trade Organization (WTO) can best be described as:

1. an organization that competes with GATT for world trade leadership

2. a trade agreement covering the wealthy industrialized nations of the world

3. a multilateral organization that serves as a negotiating and dispute resolution framework for world trade

4. an organization that provides development aid to poor countries

5. a series of regional trading arrangements including NAFTA and the European Union

Answer 1

3 .World trade organization can best be described as a multilateral organization that serves as a negotiating and dispute resolution framework for world trade.

It is the organization unique contribution to stability of global economy and is the center pillar of multilateral trading system.