What is the World Trade Organization (WTO)?

The World Trade Organization (WTO) is an intergovernmental organization that plays a crucial role in regulating international trade. Its primary purpose is to oversee and facilitate the negotiation and implementation of trade agreements among member countries, ensuring that trade flows as smoothly, predictably, and freely as possible. The WTO provides a platform for member nations to discuss and resolve trade disputes, reducing barriers to trade through various agreements designed to increase economic cooperation and global trade efficiency.

This understanding underscores the significance of the WTO in the global economy, as it helps establish rules that promote fair competition and reduce trade restrictions, ultimately benefiting consumers and businesses worldwide. The other options do not accurately describe the WTO's functions or scope, as it operates on an international level rather than being limited to domestic markets or focused solely on local businesses.