WTO stands for ____

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Detailed Solution

WTO stands for the World Trade Organisation, and it was formed in 1995 to make rules for trade transactions between different countries and ensure free trade.
The developed countries took the initiative of starting this organisation. Before the incorporation of the World Trade Organisation, international trade was conducted under the rules and regulations put forward by the General Agreement on Tariffs and Trade. The World Trade Organisation is one of the top decision-making bodies in international trade, and its meetings are held every two years. 164 countries are members of the World Trade Organisation as of July 2016, and representatives from these countries meet for ministerial conference.

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