World Trade Organization

World Trade Organization

The World Trade Organization (WTO) is an international organization that deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably, and freely as possible.

History

The WTO was established on January 1, 1995, succeeding the General Agreement on Tariffs and Trade (GATT) that was created in 1948. The WTO is the only international organization dealing with the global rules of trade. Its main function is to ensure that trade flows as smoothly, predictably, and freely as possible.

Functions

The WTO has several key functions, including: administering WTO trade agreements, providing a forum for trade negotiations, handling trade disputes, monitoring national trade policies, providing technical assistance and training for developing countries, and cooperating with other international organizations.

Structure

The WTO has a complex structure, consisting of a Ministerial Conference, a General Council, a Dispute Settlement Body, and a Trade Policy Review Body. The organization is run by its member governments, with decisions made by consensus.

Membership

As of 2021, the WTO has 164 members, representing more than 98% of global trade. Membership in the WTO provides nations with a formal mechanism for influencing the rules of international trade.

Criticism and controversies

The WTO has been the subject of numerous criticisms and controversies, including concerns about the impact of trade liberalization on developing countries, the lack of transparency in WTO decision-making, and the influence of powerful nations in shaping WTO policies.

See also

• International trade
• Globalization
• Trade bloc
• Trade agreement
• Trade dispute