World Trade Organization (WTO)refers to
A) the world's largest banking institution responsible for establishing and maintaining equitable exchange rates for all member nations.
B) the world's largest licensing institution responsible for the certification of products distributed to a global market.
C) a permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions.
D) a multinational trade organization composed of the world's wealthiest nations whose primary purpose is to aid in the economic growth of developing nations.
E) a multinational trade organization comprised of the world's wealthiest nations whose primary purpose is to promote free trade economies.

Question

Quizplus · Accepted Answer

The WTO is a permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions. It is not primarily a banking institution or a licensing institution, and it includes developing nations as well as wealthy ones. Its primary purpose is to promote free trade, but not only in wealthy nations.