Define the following organisations/agreements and their role in world trade.
World Trade Organisation (WTO)
Is an organisation of 159 member countries that implement and advances global trade agreements and resolves trade disputes between nations
The international monetary fund (IMF)
Is an international agency that consists of 188 members and oversees the stability of the global financial system. The major functions of the IMF are to ensure stability of exchange rates, exchange rate adjustments and convertibility.
The World Bank
The world bank a financial institution owned by 188 member countries that assists poorer nations with economic development through loans (often at little or no interest rates) to fund investment and reduce poverty.
The Organisation for Economic Co-operation and Development (OECD)
OECD is an organisation of 34 developed countries that seeks to promote economic growth and free markets amongst its members.
G20 is the group of the world’s 20 largest economies. It was formed in 1999 and has played an increasingly important role in addressing the reform of the global financial system and macroeconomic coordination. It incorporates the G8 economies, plus the European Union, Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea and Turkey.
Refers to the seven largest industrialised nations (plus Russia) who meet annually to discuss economic and political issues and wield tremendous influence over the global economy. Its other members are the US, UK, France, Germany, Italy, Canada, and Japan.
Is an economic and political association of 28 European nations that has a single market for goods, services, nance and labour.
Asia Pacific Economic Co-operation (APEC)
Is a group of 21 Asia-Pacific economies including Australia that promotes free trade and economic integration.