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What is "World Trade Organization (WTO)" ?

N.K. Chauhan in Economy
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Apr 14, 2020, Updated: Jan 11, 2022 · 1 min. read

The World Trade Organization (WTO) is an intergovernmental organization dealing with the regulation of international trade between nations.

It is the largest international economic organization created on 1 January 1995, after superseding the General Agreement on Tariffs and Trade (GATT (1948)).

The goal of the organization is to help producers of goods, services and intellectual property, exporters, and importers in conducting their business with the help of agreements, negotiated and signed by the trading nation around the world.

The main focus of the WTO is to provide open lines of communication concerning trade among its 164 member countries and 23 observer governments.

It helps member countries in regulation of trade and sorting out their trade disputes by an independent judges at the WTO through a dispute resolution process.

The WTO is run by its members and does not have a commission to enforce the rules. In addition, the WTO cannot generally take decisions by majority vote - all of its members must be in agreement.

The first comprehensive trade facilitation agreement in the organization's history, the Bali Package of decisions, was agreed by all members on 7 December 2013.

Nigeria's Ngozi Okonjo-Iweala is the current Director-General of WTO, he leads a staff of over 600 people in it's headquarters located in Geneva, Switzerland.

Last seen in news on: Jan 11, 2022
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