World Trade Organization
The World trade Organization (WTO) was established on 1st January, 1995. It is the embodiment of Uruguay Round results and the Successor to the General Agreement on Tariff and Trade (GATT). Out a potential membership of 152 countries and territories, 76 governments including Bangladesh became members of the WTO on its first day. Membership increased to 138 as on 31 January 2000, with accession requests from some countries and territories most prominent of which is China.
The Council sits in its headquarters Geneva, Switzerland usually once a month. Besides General Council, there is the Council for Trade in Goods, the Council for Trade in Services, the Council for Trade Related Intellectual Property Rights (TRIPS). These Councils and their respective subsidiary bodies perform their respective functions.
- Headquarters: Geneva, Switzerland
- Purpose: Regulate international trade
- Founded: January 1, 1995
- Membership: 164 member states
- Formation: 1 January 1995; 22 years ago
- Leader: Roberto Azevêdo
WTO is the legal and institutional foundation of the multilateral trading system. It provides the principal contractual obligations determining how governments frame and implement on domestic trade legislation and regulations. It is the forum in which trade relations among countries evolve through collective debate, negotiation, and adjudication.