World Trade Organization (WTO)

The World Trade Organization (WTO) is an international organization that seeks to promote and govern the rules of international trade among member countries. Its primary role is to help countries negotiate and implement trade agreements, regulate international trade disputes, and provide a forum for discussing and pursuing trade liberalization. The WTO was established in 1995 as a successor to the General Agreement on Tariffs and Trade (GATT) and currently has 164 members representing roughly 98% of world trade. The WTO’s primary objective is to ensure the free flow of goods, services and capital among nations which agree to abide by its common rules. The WTO is also responsible for setting the rules governing international trade and resolving disputes between countries to ensure a fair and open global trading system. The WTO also works to improve standards of living, ensure full employment and provide economic development through the reduction of tariff and non-tariff barriers to trade. In addition, the WTO seeks to help developing countries improve their economic prospects through access to better markets and technology.