What is the primary role of the World Trade Organization (WTO)?

The primary role of the World Trade Organization (WTO) is to oversee and facilitate international trade agreements among member countries. Established in 1995, the WTO is responsible for ensuring that trade flows as smoothly, predictably, and freely as possible. It achieves this by providing a framework for negotiating trade agreements, settling trade disputes, and monitoring national trade policies, which helps to ensure that trade is carried out fairly and openly.

By focusing on the implementation of trade agreements, the WTO plays a crucial role in reducing barriers to trade, such as tariffs and quotas, which can hinder international commerce. This contributes to global economic growth and cooperation among nations. While developing countries may benefit from the WTO's initiatives, providing loans is not within its purview; that is typically the role of financial institutions like the International Monetary Fund (IMF) or the World Bank. Additionally, the WTO does not regulate medical standards or specifically focus on environmental sustainability, even though trade practices can relate to environmental policies.