- What is it?:
- The WTO is an intergovernmental organisation that is concerned with the regulation of international trade between nations.
- It is the largest international economic organisation in the world.
- Headquarters: Geneva, Switzerland
- Formation
- The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994.
- It replaced the General Agreement on Tariffs and Trade (GATT), which commenced in 1948.
- Functions of WTO
- The WTO deals with the regulation of trade in goods, services and intellectual property between participating countries.
- It provides a framework for negotiating trade agreements and a dispute resolution process aimed at enforcing participants’ adherence to WTO agreements, which are signed by representatives of member governments and ratified by their parliaments.