The international economy is constituted of several elements, including trade. Because of industrialization, globalization, advanced transportation, and establishment of multinational corporations (an enterprise or corporation that manages production or service delivery in at least 2 countries), trade became not only an economic importance to the international community but also of social and political importance as well. As a matter of fact, the increasing prevalence of international trade resulted in the creation of a unified organization that will set the rules for international trading system and resolving disputes between trading countries, which is the World Trade Organization (WTO).
world trade organization
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