Give the meaning of WTO ? What is the major aim of WTO ? Mention any two shortcomings of WTO ? -SST 10th

Give the meaning of WTO ? What is the major aim of WTO ? Mention any two shortcomings of WTO ? -SST 10th
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 WTO stands for World Trade Organisation. The major of the aim of WTO is that all barriers to foreign trade and investment should be removed as they are harmful to the growth of a country's economy in the long run. The practice of trading should be free between countries and that all the countries in the world should liberalize their policies. Shortcomings of the WTO 1. Although the WTO is to allow a free trade for all, in practice, it has been observed that the developed nations have unfairly retained trade barriers and manipulated the situation 2. It has also been observed that the WTO rules, formulated in an exploitative manner, have forced the developing nations to remove trade barriers and initiate policies of liberalization.
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