WITS meaning in Business ?

Answer:

What is World Integrated Trade Solution mean?

The World Integrated Trade Solution (WITS) is a trade software provided by the World Bank for users to query several international trade databases.

WITS allows the user to query trade statistics (export, import, re-exports and re-imports) from the UN's repository of official international trade statistics and relevant analytical tables (UN COMTRADE), tariff and non-tariff measures (NTM) data from UNCTAD Trade Analysis and Information System (TRAINS), tariff and bound tariff information from WTO's Integrated Data Base (IDB) for applied tariffs and imports, and from the WTO's Consolidated Tariff Schedules (CTS) database for the bound duties of all WTO Members. WITS also has a module called Global Preferential Trade Agreement (GPTAD) to search and browse Free Trade Agreements (FTA). It also has modules to calculate several trade indicators and perform tariff cut simulation.

WITS has multiple sections, including summary trade statistics by country on total exports, imports, export/import partners, top product groups exported/imported, top exporters and importers in the World, derived analytical databases, and a WITS application allowing the user to use the underlying data to generate custom trade statistics and indicators and tariff cut simulations.

reference

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