What international organization is responsible for overseeing global trade between countries?

The World Trade Organization (WTO) plays a crucial role in overseeing global trade between countries. Established in 1995, the WTO is tasked with managing trade agreements and facilitating trade negotiations among its member countries. It provides a forum for countries to discuss and resolve trade-related disputes, ensuring that trade flows as smoothly and predictably as possible. The organization's primary aims include promoting free trade, reducing trade barriers, and fostering an equitable trading system among nations.

The significance of the WTO extends beyond dispute resolution; it also monitors and evaluates trade policies and practices to ensure compliance with established agreements. Its ability to establish and enforce a set of rules that member nations adhere to underscores its critical role in maintaining fair trade practices globally. This contributes to an environment where countries can benefit from international commerce while adhering to shared standards and obligations.

In contrast, other options, such as the International Trade Association, do not have the global reach or authority that the WTO holds. The Department of Commerce operates primarily within the United States and lacks the same international scope. The Global Economic Forum, while influential in discussing economic policies, does not have the same regulatory power or focus on trade agreements that the WTO possesses.