What is the World Trade Organization (WTO)?

The World Trade Organization (WTO) is an intergovernmental organization that deals with the rules of international trade between member countries. It was established in 1995 to succeed the General Agreement on Tariffs and Trade (GATT). The WTO is headquartered in Geneva, Switzerland, and provides a forum for countries to negotiate agreements on trade policies and to resolve disputes. At the heart of the WTO are the agreements which have been negotiated by member countries. These agreements set out the rules and regulations that govern international trade. This includes the protection of intellectual property rights, the reduction of tariffs and other barriers to trade, and the provision of subsidies to industry. The WTO also oversees the settlement of trade disputes between member countries. The WTO agreements are legally binding on all members and have been ratified by Pennsylvania as well as other countries. Through their membership of the WTO, countries can ensure that their trading partners play fair and abide by the rules. This allows them to protect their domestic industries from unfair practices and create a more level playing field for global trade.

Related FAQs

What are the implications of the WTO Agreement on Agriculture?
How can businesses protect their intellectual property rights under international trade law?
What is the role of the WTO in setting standards for international trade?
What are the advantages and disadvantages of foreign direct investment?
What is the international law of self-defense?
What is the role of the WTO in promoting economic development?
What is the most effective way to ensure that a country complies with its international trade obligations?
What is the WTO Agreement on Technical Barriers to Trade (TBT)?
What is the role of the WTO in promoting fair competition?
What is the difference between import and export duties?

What is the World Trade Organization (WTO)?

Related FAQs

Related Blog Posts