In this video, we will review international and global trade organizations to spanned many countries around the world. These will include the WTO, the World Bank, the IMF, the OECD, UNCTAD, and others. Let's look at each of them. The largest and most important worldwide trade agreement is the World Trade Organization or WTO like the European Union, the WTO was started after the horrors of World War II in order to reduce trade barriers and to bring the world closer together economically. Its main function is to ensure that trade flows smoothly, predictably, and freely as possible. The WTO sets and enforces rules of international trade, provides a forum for negotiating further trade liberalization, resolves trade disputes in WTO courts, it runs its own court system. Increases transparency of decision making processes, cooperates with other major global trade institutions, and helps developing countries benefit from global trade. It's a very important organization in the world. Most countries of the world are currently members of the WTO, which is headquartered in Geneva, Switzerland. By joining the WTO countries must agree to abide by its rules and to allow the WTO to resolve disputes with other members. In return, members receive what is called most favored nation status, which means lower tariffs and equal treatment from other members. In other words, the WTO attempts to create a level playing field for all of its members. Another important global institution is the World Bank. The World Bank is an international financial organization that provides loans and grants to governments of poor countries for the purpose of pursuing capital projects. It has 189 member countries and voting is based on economic size. Its main objective is to reduce poverty in the world. Its activities include focus on poor countries, providing loans and grants, financing, developing projects and collecting, disseminating information to to support all of the above. The very useful publication of the World Bank is its annual doing business compendium, which provides voluminous and detailed information about business, laws, and regulations in 190 countries. Doing business is a great place to start for information if you're thinking about operating in a foreign location, highly recommended. Another important international organization is the International Monetary Fund, headquartered in Washington, DC in the United States. It works to promote sustainable economic growth and reduce poverty. They're 189 member nations of the IMF, and its objectives are to promote monetary co-operation, encourage international trade, facilitate high employment support, exchange-rate stability, and sustained economic growth. Its activities include assisting with national financing, and providing financial advice. The Organization for Economic Cooperation and Development or OECD, is an international organization that works to stimulate economic progress and world trade, and to provide a forum for countries describing themselves as committed to democracy and the market economy. This membership is 37 developed countries comprising about 40% of global GDP. It's a group of of wealthy countries, essentially. Its objectives are to encourage democracy, promote free trade, and stimulate economic progress. Its activities are to advise on national policies, and to collect and disseminate data. Next on our list is the UN Conference on Trade and Development. The stated goal of this organization is to maximize the trade investment and development opportunities of developing countries into a system in their efforts to integrate into the world economy on an equitable basis. It has 195 member nations and its objectives are to assist developing countries, and formulate policies on all aspects of development. Its activities are analysis, consensus-building, and technical assistance. There are any number of other groups and organizations that take a strong interest in international trade. These can include government development offices, many national provincial and big city governments have international development offices to help and promote international trade country. Country chambers of commerce, these are private business organizations working to promote trade. Fair trade organizations, these are often private non government organizations working to promote sustainable and equitable trade relationships with producers in developing countries. The graphic to the right shows the logos of the number of international fair trade organizations. Industry groups such as associations of electronics, steel, autos, or agricultural producers who have a stake in international trade will form these industry groups to promote their interests globally. And finally in the environmental organizations working to influence the terms of trade, to account for environmental issues such as pollution and deforestation. And lastly, labor advocacy groups wanting to influence the terms of trade to account for labor issues such as working conditions and job security. Plus there are many others as you might well imagine. In summary, important organizations involved with global trade issues include the WTO that sets international rules, the World Bank that creates loans and grants for developing countries, the International Monetary Fund that assists with national financing and banking. The OECD that stimulates economic progress and trade, and the United Nations to assist developing countries. There are many other focused international trade organizations. If you can look you can find an organization dedicated to the topic of international trade of interest to you. All are good sources of data and information, ideas and advice.
