Final answer:
The WTO is responsible for resolving trade disputes and reducing trade barriers, is headquartered in Geneva, and does not govern currency matters. Statements a and b are true, while c and d are false, relevant to companies like Magna Clothes expanding globally.
Step-by-step explanation:
The World Trade Organization (WTO) plays a vital role in international trade. To provide your friend with accurate information about the organization:
a. True - The WTO is indeed responsible for establishing impartial procedures for resolving trade disputes among its members. This function helps maintain peaceful and consistent trade relations.
b. True - It seeks to minimize trade barriers through multilateral negotiations, which can facilitate easier and more fruitful trade for companies like Magna Clothes when doing business abroad.
c. False - The WTO is headquartered in Geneva, Switzerland, not Belgium.
d. False - The WTO does not control currency issues; its member countries retain their local currencies. The replacement of local currencies with a universal currency in some countries is unrelated to the WTO; it is a result of regional agreements like the euro in the European Union starting in 2002.
In conclusion, as Magna Clothes looks to expand internationally, understanding the WTO's role in international trade, from dispute resolution to reducing trade barriers, is essential for navigating global markets.