By managing trade agreements, offering a forum for trade talks, and resolving trade disputes, the World Trade Organization contributes significantly to the promotion of international trade. The WTO ensures that the interests of all member nations are taken into account through its consensus-based decision-making process, fostering cooperation and advancing an international trading system based on rules. Businesses and policymakers may better manage the complexity of international trade and work toward a more just and prosperous world by knowing the roles and significance of the WTO.
The 164 nations that make up the WTO as of September 2021 account for more than 98% of world trade. The WTO operates on a consensus-based system, which requires unanimous agreement from all members before a decision may be enacted. The interests of all members, especially those of smaller and emerging nations, are guaranteed to be taken into account in the decision-making process thanks to this consensus-based approach.