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d the WTO or World Trade Organization has also been set up by the
trading community. This international body is in charge of bringing out rules and regulations
concerning the international trading system. Additionally, disputes between two trading
countries can be brought to them for resolution.
How much international trade has progressed can be understood by reviewing the statistics on
exports and imports–
(a) Germany is said to be the leading exporter of world trade merchandise with an overall
exports share of 10%. The United States exhibits 8.9% share, followed by China with 6.5%
share, Japan with 6.2
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