Definition
- WTO
- The WTO, or World Trade Organization, is the main international body through which nations negotiate their trade rules and settle trade disputes.
- Not to be confused with: Trading bloc
- A trading bloc is a regional agreement between pairs or groups of countries to reduce tariffs, import quotas and non-tariff barriers among themselves.
Test yourself
What is the difference between WTO and trading bloc?
A trading bloc is a regional agreement among some countries; the WTO is the worldwide body for trade rules.