The World Trade Organization, or WTO, officially came into existence on January 1, 1995, as a result of the Marrakesh Agreement, which 124 nations signed on April 15, 1994. Its predecessor was the General Agreement on Tariffs and Trade, or GATT, which commenced on January 1, 1948. GATT was established to foster international economic cooperation after World War II. As of early 2019, the WTO has 164 members.
The primary purpose of the WTO is the free flow of trade through the negotiation of trade agreements among its member states. This includes the reduction of obstacles related to trade, such as import tariffs and the implementation of rules governing the conduct of trading partners. It also monitors members for adherence to agreed-upon rules and settles disputes arising from the interpretation and application of trade agreements. Additionally, the WTO conducts economic research, compiles relevant data, and carries on outreach to educate the public on the WTO's mission and activities.
https://www.wto.org/index.htm
The World Trade Organization (WTO) came into existence in 1995. It was an outgrowth of the General Agreement on Tariffs and Trade (GATT) entered into by several nations in the aftermath of World War II. Like GATT, the WTO is intended to regulate trade between nations, with a special focus on mediating trade disputes. It is based on the idea that trade is an international system that needs multilateral organizations to keep it running smoothly, which is best for all nations. Its general preference is for free trade—that is, with a minimum of tariffs and other trade barriers—and it prioritizes transparency and reciprocity in trade relationships. It is also supposed to use its authority to promote fair trading practices between wealthy nations and the developing world. Unlike GATT, which was only empowered to regulate the trade of manufactured goods and raw materials, the WTO also deals with trade in "intellectual property," a major component of the modern global economy.
https://www.wto.org/english/thewto_e/history_e/history_e.htm
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