WTO stands for

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World Tax Organisation

World Tariff Organisation

World Trade Organisation

None of these

answer is C.

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Detailed Solution

WTO stands for world trade organisation started as an initiative of developed countries. The main aim of the World Trade Organisation (WTO) is to Liberalise the international trade of all nations. WTO establishes rules regarding international trade for all countries and observes that all the countries obey them. In practice, trade between many countries is not free and fair; to correct that situation, the WTO steps in. Developing countries like India have removed barriers. In many cases, counties have continued to protect their producers as they think the producers of their country will not be able to compete with the large producers or companies of the world.

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