World Trade Organization (WTO)

The World Trade Organization (WTO) is an intergovernmental organization that regulates international trade. It was established on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade (GATT), which had been in operation since 1948. The WTO is headquartered in Geneva, Switzerland.

The WTO has 164 member states, accounting for more than 98% of world trade. Its main functions are to ensure that trade flows smoothly, reduce trade barriers, and promote trade liberalization. The WTO also provides a forum for resolving trade disputes between its members.

The WTO has been criticized for being too bureaucratic and for not doing enough to protect the interests of developing countries. However, it has also been credited with helping to reduce global poverty and promote economic growth.

The WTO is governed by a Ministerial Conference, which is the highest decision-making body. The Ministerial Conference meets every two years. The WTO also has a General Council, which meets regularly to oversee the work of the organization. The General Council is composed of representatives from all member states.

The WTO has a number of specialized committees and councils that deal with specific issues, such as trade in goods, trade in services, and intellectual property rights. The WTO also has a dispute settlement mechanism that allows member states to resolve trade disputes.

The WTO has been a controversial organization since its inception. Some critics argue that it is too powerful and that it does not do enough to protect the interests of developing countries. Others argue that the WTO has been a positive force in the world economy, helping to reduce trade barriers and promote economic growth.

The WTO is a complex organization with a wide range of functions. It is an important player in the global economy and its decisions have a significant impact on the lives of people around the world.