Which organization administers the rules governing international trade among its members and helps producers, importers, and exporters conduct their business?

• A. General Agreement on Tariffs and Trade
• B. World Trade Organization
• C. IMF
• D. World Bank

Answer: (B)

Understanding who sets and enforces the rules that govern trade between member countries is being tested. The World Trade Organization is the body that does this. It administers the set of trade agreements that members have agreed to, provides a forum for negotiating new rules, and runs a dispute settlement system so countries can resolve trade disputes rather than resort to unilateral barriers. This framework brings transparency, reduces surprises in cross-border business, and helps producers, importers, and exporters plan and operate more smoothly on the international stage.

The other organizations have different purposes. The General Agreement on Tariffs and Trade was the predecessor framework that the WTO superseded in 1995. The IMF focuses on monetary cooperation and financial stability, not on administering trade rules. The World Bank concentrates on development financing and policy advice, not on governing international trade rules.