The World Trade Organization regulates trade between countries around the globe to ensure that it is fair, free and even predictable. It was formed and 1995 and acts as an administrator to benefit countries across the world that are involved in business agreements with other nations, including multilateral agreements. It also helps with disputes between countries. The World Trade Organization holds biennially meetings that is known as the Ministerial Conference. All of the countries and nations in the WTO attend this meeting.
Of all of the nations in the World Trade Organization, more than three quarters are considered to be developing countries. Through the WTO they are able to work with more developed countries. They pay lower tariffs and also decrease their tariffs in the import and export market. These developing nations are able to become competitive with the more developed countries through the World Trade Organization.
The World Trade Organization provides assistance with multilateral agreements, which are business deals between more than two countries. These business agreements are usually very difficult to work out because of the multiple nations involved. However, once the countries sign the agreement these deals become very powerful. After the agreement is reached, the WTO continues to work with the various nations to ensure fair trade practices.
Countries who are members of the World Trade Organization will also become a most favored nation, which provides them discounts on tariffs. If also minimizes trade regulations and quotas for importing goods. Benefits of the WTO include increased sales, new jobs and continued growth in the economy. In order to join the WTO, a country must complete some important steps. This includes submitting an application and negotiating bilateral agreements with countries. The committee of the WTO will review the membership and other countries in the WTO will vote to accept the new nation.