Which of the following is true of the World Trade Organization (WTO)?Group of answer choicesIts functions are governed by the Rome Statute.Its dispute settlement process is governed by an agreement known as the General Agreement on Tariffs and Trade.It is responsible for implementing and enforcing the rules of international trade between nations.It is the trade-dispute settlement body of the United Nations.
Question
Which of the following is true of the World Trade Organization (WTO)?Group of answer choicesIts functions are governed by the Rome Statute.Its dispute settlement process is governed by an agreement known as the General Agreement on Tariffs and Trade.It is responsible for implementing and enforcing the rules of international trade between nations.It is the trade-dispute settlement body of the United Nations.
Solution
The statement that is true about the World Trade Organization (WTO) is: "It is responsible for implementing and enforcing the rules of international trade between nations."
The WTO is an international organization that deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably, and freely as possible. It is not governed by the Rome Statute, which is related to the International Criminal Court, not international trade.
While the WTO does have a dispute settlement process, it is not governed by the General Agreement on Tariffs and Trade (GATT). GATT was a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.
Finally, the WTO is not the trade-dispute settlement body of the United Nations. It is an independent organization, although it does cooperate with the UN in various aspects of its work.
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