World Trade Organization
An international organization for the regulation of trade between nations
Real World Example
The World Trade Organization (WTO) was created in 1995 to help manage and promote fair trade between countries around the world. It was important because it aimed to reduce trade barriers and ensure smooth, predictable trading systems, which was crucial as global trade increased rapidly in a changing world. The WTO responded to problems like trade disputes and unfair trade practices, providing a platform for negotiation and resolution. Today, the WTO still matters because it helps maintain stable international trade, which affects the availability and prices of goods like electronics and food. For example, if a trade dispute arises and isn't resolved, it might lead to higher prices or shortages, affecting what you or your family can buy at stores.
