There are many world organisations that affect international trade. They each have their specific role, but as a whole are responsible for the governance of trade between countries to ensure that it is done is a fair and equitable manner.
1. World Trade Organisation
The WTO is the main multilateral trade agreement which provides a forum for countries to promote free trade and resolve trade disputes.
2. International Monetary Fund
The IMF is primarily responsible for lending funding to countries which experience short term balance of payments or exchange rate problems or crises.
3. World Bank
The World Bank promotes economic development in developing countries through the provision of grants, loans and aid.
4. United Nations
A group of 192 member states and through the UN Conference on Trade and Development (UNCTAD) promotes economic growth and developments along with free trade.
5. Organisation for Economic Co-operation and Development
The OECD carries out economic research and makes policy recommendations to improve the economic performance of member nations.
All definitions taken from Tim Riley’s “Year 12 Economics 2011”.
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