Question

An independent entity whose purpose it is to oversee cross-border trade issues and global business practices is called the:______.

Answer 1

An independent entity whose purpose it is to oversee cross-border trade issues and global business practices is called the World Trade Organization (WTO).

World Trade Organization (WTO), is a global regulatory body with its headquarters in Geneva. To replace the General Agreement on Tariffs and Trade, it was established in 1995. (GATT).

Like its predecessor, it seeks to promote international trade and lower trade obstacles. It also negotiates and puts into effect new agreements while keeping an eye on members' compliance with GATT rules.

The WTO is criticized for allegedly undermining national sovereignty by serving the interests of powerful multinational corporations and for encouraging trade liberalization that harms the environment and lowers living standards for low-skilled workers in developing nations, among many other grievances. The WTO has more than 145 members at the start of the twenty-first century.

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