What is the role of the World Trade Organization (WTO)?

The World Trade Organization (WTO) plays a critical role in promoting global trade by establishing a framework for negotiating and formalizing trade agreements between countries. Its primary focus is to help ensure that trade flows as smoothly, predictably, and freely as possible. This is achieved through various functions, including providing a platform for trade negotiations, monitoring trade policies, and serving as a forum for settling trade disputes. By enforcing trade regulations and agreements, the WTO helps member countries adhere to the rules established within these agreements, thereby fostering a more stable and open trading environment.

Promoting global trade is essential for economic growth among nations, as it increases opportunities for businesses, encourages competition, and drives innovation. The emphasis on enforcement of regulations also helps maintain fairness in international trade practices and prevents disputes from escalating.

In contrast, other options highlight areas not within the WTO's primary functions, such as regulating national markets, which is typically the responsibility of individual governments. Additionally, limiting international trade contradicts the organization's mission of enhancing and facilitating trade, while standardizing currency exchanges is outside the scope of the WTO's objectives, as that function tends to fall under different international financial institutions.