Since its inception in 1995, World Trade Organization (WTO) has come a long way in constituting the legal and institutional foundation of the present day multilateral trading system. It has been instrumental not only in facilitating trade but also in improving living standards and cooperation among member countries. Some of the major benefits of WTO are as follows:
- WTO helps promote international peace and facilitates international business.
- All disputes between member nations are settled with mutual consultations.
- Rules make international trade and relations very smooth and predictable.
- Free trade improves the living standard of the people by increasing the income level.
- Free trade provides ample scope of getting varieties of qualitative products.
- Economic growth has been fastened because of free trade.
- The system encourages good government.
- World Trade Organization (WTO) helps fostering growth of developing countries by providing them with special and preferential treatment in trade related matters.