The World Trade Organization (WTO) is an intergovernmental organization that was established in 1995 to promote free and fair trade among its member countries. The WTO’s predecessor was the General Agreement on Tariffs and Trade (GATT), which was established in 1947.
The WTO has 164 member countries as of 2021, and it operates under a set of agreements that are negotiated and agreed upon by its member countries. These agreements cover a wide range of trade-related issues, including the reduction of tariffs and other barriers to trade, the protection of intellectual property rights, and the settlement of trade disputes.
The WTO is headquartered in Geneva, Switzerland, and it is governed by a Ministerial Conference that meets every two years. The Ministerial Conference is responsible for setting the organization’s overall direction and priorities.
The WTO’s dispute settlement process is one of its most important functions. This process allows member countries to resolve disputes over trade issues through a series of consultations and, if necessary, through binding arbitration.
The WTO has faced criticism from some quarters for its role in promoting free trade at the expense of social and environmental concerns, as well as for its perceived lack of transparency and democratic accountability. However, proponents of the WTO argue that it has played an important role in promoting economic growth and development around the world, particularly in developing countries.
Overall, the WTO is a complex and important international organization that plays a central role in shaping the global trade system.
There is no ads to display, Please add some
