What is the World Trade Organization (WTO)?
The World Trade Organization (WTO) is an international organization that governs global trade laws. It was created in 1995 to replace the General Agreement on Tariffs and Trade (GATT), which had been in place since 1947. The WTO is based in Geneva, Switzerland, and its primary goal is to promote free and fair trade across the globe by eliminating trade barriers between countries. The WTO works to reduce trade tariffs, set standards for trade disputes, and develop global trade rules. Within the United States, the WTO is part of the executive branch and is overseen by the Office of the United States Trade Representative (USTR). The USTR negotiates agreements for the United States under the auspices of the WTO. In Tennessee, the WTO is important due to the many international trading opportunities it provides. Companies can export goods and services to countries across the world, without facing high tariffs or facing trade disputes with other countries. Overall, the World Trade Organization is an important organization that helps to promote free and fair trade between countries. Through its policies, it can help to reduce trade barriers and ensure that all countries have access to the global economy. In Tennessee, the WTO provides many opportunities for businesses to export their goods and services around the world.
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