Explanation:

World Trade Organization (WTO) is an international organization established in 1995 to promote free trade and facilitate global economic interactions. It replaced the General Agreement on Tariffs and Trade (GATT) established in 1948.

Functions of WTO:

1. Administering WTO trade agreements: WTO administers multilateral trade agreements among member countries, including agreements on goods, services, and intellectual property.

2. Providing a forum for trade negotiations: WTO provides a platform for member countries to negotiate and resolve trade disputes.

3. Monitoring national trade policies: WTO monitors the trade policies of member countries to ensure that they comply with international trade agreements.

4. Technical assistance and training for developing countries: WTO provides technical assistance and training to developing countries to help them participate effectively in the global trading system.

5. Cooperating with other international organizations: WTO cooperates with other international organizations to promote global economic development.

Conclusion:

In conclusion, WTO stands for World Trade Organization, which is an international organization established to promote free trade and facilitate global economic interactions among member countries. Its functions include administering WTO trade agreements, providing a forum for trade negotiations, monitoring national trade policies, providing technical assistance and training for developing countries, and cooperating with other international organizations to promote global economic development.