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International Trade vocabulary · Trade Agreements and Policy

WTO

Meaning in international trade, with examples

abbreviationCommon term

In international trade, WTO means: World Trade Organization: the international organization based in Geneva that sets the rules for trade between its member countries and helps settle trade disputes.

In Turkish: Dünya Ticaret Örgütü, DTÖ

How it is used

Founded in 1995 as the successor to the GATT system. Its rules cover tariffs, customs valuation, anti-dumping, technical barriers and more. In the news you read about WTO rules, WTO members and WTO disputes.

Example sentences

  1. Under WTO rules, a member should not charge more than its bound tariff rate.

  2. The case was taken to the WTO dispute settlement body.

Common collocations

  • WTO rules
  • WTO member
  • WTO dispute
  • WTO agreement
  • most-favoured nationA WTO principle that a country must give all other members the same tariff and trade treatment it gives to its most favoured trading partner.
  • tariffA tax charged by a government on imported goods, usually as a percentage of their value; also the official list of these rates.
  • anti-dumping dutyAn extra import duty charged on goods sold abroad at a price below their normal value, when these imports harm producers in the importing country.
  • free trade agreementAn agreement between two or more countries to remove or reduce customs duties and other barriers on most of the goods traded between them.

More terms: Trade Agreements and Policy

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