Which of the following statements about the World Trade Organization (WTO) is most accurate?
A)The WTO is a permanent institution that sets rules governing trade between its members.
B)The WTO sets rules governing trade between its members and the remainder of the world.
C)The 153 member countries of the WTO account for approximately 55% of world trade.
D)The WTO uses panels of trade experts who can issue non-binding recommendations.
E)The WTO was formed by the United Nations.

Question

Quizplus · Accepted Answer

The most accurate statement is that the WTO is a permanent institution that sets rules governing trade between its members. The WTO was established in 1995 and includes 164 members (as of 2021). Its main objective is to ensure that trade flows as smoothly, predictably and freely as possible. The WTO administers trade agreements, provides a forum for negotiating new trade deals, and settles disputes between member countries. It does not set rules for trade between its members and non-members. The WTO also has a dispute settlement system that uses panels of trade experts who can issue binding rulings (not non-binding recommendations as stated in option D). The WTO was not formed by the United Nations (option E is incorrect). Option C is also not completely accurate, as the WTO's membership accounts for over 95% of world trade, not just 55%.

Which of the Following Statements About the World Trade Organization