- Promote trade liberalization: The WTO aims to progressively lower trade barriers such as tariffs, quotas and subsidies. The goal is to facilitate increased trade among nations.
- Resolving Trade Disputes: The WTO offers a dispute settlement mechanism to address conflicts between member nations regarding trade issues.
- Increase market access: The WTO works towards eliminating discriminatory treatment in international trade. The goal is to allow all countries to benefit from global trade.
- Monitoring Trade Policies: It conducts periodic reviews of member countries' trade policies to ensure transparency and adherence to WTO rules.
- Protect interests of developing countries: The WTO aims to integrate developing countries into the multilateral trading system. Special provisions are made for developing economies.
- Encouraging Economic Development: By fostering a stable and predictable trading environment, the WTO contributes to economic growth and development, especially in developing countries.
- Resolve future trade challenges: The WTO aims to deal with new and emerging challenges in global trade and ensure the continued relevance and effectiveness of the multilateral trading system.
- Capacity building and Technical Assistance: It provides technical assistance and training to developing and least-developed countries to help them participate effectively in global trade.
- Cooperating with Other International Organizations: The WTO collaborates with organizations like the IMF and World Bank to achieve greater global economic stability and development.
- Other Functions:
- It offers training programs to help developing countries understand trade rules and expand their trade. The aim is to close the gap in trade knowledge between developed and developing nations.
- It researches trade and publishes reports on global trade trends and issues. This helps countries in policymaking.