The World Trade Organization (WTO) • Explained With Maps
Click
Use
to move to a smaller summary and to move to a larger one
Overview of the World Trade Organization (WTO)
- The World Trade Organization (WTO) is an international organization that regulates and liberalizes world trade.
- It has 160 member states, with headquarters in Geneva, Switzerland.
- The idea to establish the WTO arose after World War II, as a means to promote peace through economic agreements.
- The WTO replaced the General Agreement on Tariffs and Trade (GATT) in 1995.
- The WTO operates based on the "most favored nation" (MFN) principle, where trade benefits granted to one member state must be granted to all others.