The world is governed by international organizations that seek to solve conflicts through negotiations rather than force. Nowadays, when the world is becoming more and more interconnected, these organizations play a major role on the world arena. Established to maintain peace and economic prosperity, they unite countries on their way to development, allowing leaders to exchange ideas and promoting cooperation in all spheres of life.
The WTO (World Trade Organization) is a structure that regulates international trade relations and is responsible for the development and implementation of new trade agreements between countries. The International Monetary Fund (IMF) is a leading organization of international cooperation in the monetary and financial sphere. The IMF was created to increase the stability of the world’s monetary and financial system. The GATT was the only instrument for regulating international trade until the WTO was established. Before that, the GATT acted as the main regulator of international trade rules for most countries of the world, although it had the status of only a temporary organization.
The World Bank is the most powerful investment institution globally, an intergovernmental financial and credit organization that unites 184 states. This international association was created to organize technical and financial assistance to developing countries. The United Nations is an international body that aims to maintain and strengthen international peace and security, promote international cooperation and global progress. The Group of Twenty (G20) is a leading forum for international cooperation on the most important aspects of the international socio-economic and financial agenda. The Group of Twenty unites the world’s leading developed and developing economies, which account for 80% of the world population. The Group of Seven (G7) is an association of seven leading economically developed countries, including the USA, Germany, Japan, Great Britain, France, Italy, and Canada.