The World Trade Organization

The World Trade Organization’s (WTO) purpose was to equalize trade conditions and create a fairer trade environment for goods and services and the free flow of trade. Aligning structural imbalances in multilateral commerce in an asymmetrical economic environment was pivotal.

The WTO, as well as any other international organization, brings many members who join voluntarily but have external interests that conflict. Most notably, the WTO is home to developed nations as well as developing countries – countries with unstable economic conditions that still are attractive economies.

Nations have different priorities, but a sound economic environment will depend on strategic factors. At its core, the WTO promotes international welfare with a multilateral trading system. Notably, the WTO decision-making is unanimous. 

It concentrates a broad set of members with highly differentiated interests and needs, which brings dense political weight to the organization.

Underlying the WTO's trading system is the fact that more open trade can boost economic growth and help countries develop. In that sense, commerce and development are good for each other. 

In addition, the WTO agreements are full of provisions that take into account the interests of developing countries.