What are the purposes of international economic organizations?

What are the purposes of international economic organizations?

a. to resolve trade disputes

b. to promote fair and successful trade

c. to encourage trade in developing countries

d. all of the above

Answer: d. all of the above

The international economic organization has several tasks given their significance in the global sphere. They also seek to address trade disputes between countries by providing a forum for trading partners to find their common ground, or take action as a dispute resolution agency (option a). Furthermore, these organizations work towards honest and efficient business relations especially concerning the exportation of goods and services thus providing an opportunity to establish harmonies in competition (option b). In addition, they help foster commerce and economic growth in the developing world by entering into partnerships, providing funds or grants and generally offering special tariffs for business between their country and the developing country (option c). Cooperation of international economic organizations, their exercise of standards applicable to their members, and support for open markets help ensure global economic stability, growth, and members’ economic integration in the global economy.