The World Trading System

The World Trading System is an organized framework that facilitates international trade by setting rules for how countries buy and sell goods and services with each other. Its goal is to promote fair competition, reduce trade barriers like tariffs, and resolve disputes peacefully. Organizations like the World Trade Organization (WTO) oversee these rules, helping countries work together efficiently. This system aims to create a global marketplace where nations can trade openly, encouraging economic growth, development, and collaboration while maintaining mutually agreed standards of conduct.