World Trade Organization

The World Trade Organization (WTO) is the sole international body overseeing global trade. It facilitates smooth and free trade between nations, allowing countries to profit from exports and benefit from imports. Founded in 1995, the WTO has 159 member countries as of 2013. Its core principles include non-discrimination, freer trade, and fair competition. The WTO organizes trade negotiations, aids economic development, and resolves trade disputes. It aims to improve member nations' welfare by promoting smooth trade without negative impacts.

Explain the concept of 'freer trade' as described in the text.

What functions does the World Trade Organization perform?