What are the objectives of WTO? Explain its functions.

1.	What are the objectives of WTO? Explain its functions.
Answer» Following are the objectives of WTO(i) To ensure reduction of tariffs and other trade harriers imposed hy different countries.(ii) To engage in such activities which improve the standards of living, create employment, increase income and effective demand and facilitate higher production and trade.(iii) Facilitate the optimum use of world’s resources.(iv) Promote an integrated more viable and durable trading system.Functions of WTO:Facilitate international trade\tIt facilitates international trade through the removal of tariff and non-tariff barriers.\tIt provides greater market access to all member countries.Formulation of rules\xa0\tIt establishes a rule-based trading regime, in which nations cannot place arbitrary restrictions on trade.Protecting the interest of developing countries\tIt frames fair global rules, regulations.\tIt safeguards and advocates the interests of the developing world.

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