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World Bank & WTO - Coggle Diagram

- - - - Who leads the WTO? Dr Ngozi Okonjo-Iweala took office as WTO Director-General on 1 March 2021. She is a global finance expert, an economist and international development professional with over 30 years of experience working in Asia, Africa, Europe, Latin America and North America.
        
        The WTO gains some legitimacy because it was consented to by its member states. The extent to which WTO membership affects states' Legal Sovereignty depends on whether we use a "revocability-based conception" of state sovereignty.
        The WTO's global system lowers trade barriers through negotiation and applies the principle of non-discrimination. The result is reduced costs of production (because imports used in production are cheaper) and reduced prices of finished goods and services, and ultimately a lower cost of living.
  - - - The World Bank is an international development organization owned by 189 countries. Its role is to reduce poverty by lending money to the governments of its poorer members to improve their economies and to improve the standard of living of their people.
- - - - Provide an area to negotiate and monitor further trade liberalization
      - To resolve trade disputes
      - To increase transparency of decision making processes
      - Set and enforce rules for international trade