WTO

(proper noun)

The World Trade Organization (WTO) is an organization that intends to supervise and liberalize international trade. It officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948. It deals with regulation of trade between participating countries and provides a framework for negotiating and formalizing trade agreements and for resolving disputes.

Related Terms

Examples of WTO in the following topics:

  • Global Trade: Inequalities and Conflict

    • In 1995, GATT was replaced by the World Trade Organization (WTO), an international body that supervises global trade.
    • Most countries in the world are members of the WTO, which limits in certain ways but does not eliminate tariffs and other trade barriers.

  • Value Contradictions

    • Protestors clash with police at the 1999 WTO summit in Seattle