World Trade Organization
An international organization for the regulation of trade between nations
Real World Example
The World Trade Organization (WTO) was established in 1995 to help regulate and promote fair trade between nations. It was important then because countries faced many trade barriers and disputes that hindered economic cooperation and growth. By creating rules and providing a platform for negotiation, the WTO aimed to reduce conflict and make international trade smoother and more predictable. Today, the WTO still matters because it helps ensure that countries follow agreed-upon trade rules, which can affect the prices and availability of goods we buy, like electronics or clothing. For example, if a country imposes unfair tariffs on imported goods, the WTO can step in to resolve the issue, helping keep prices fair for consumers like you and your family.
Practice Version
