What's Happening?
The World Trade Organization (WTO) is a multilateral organization established on January 1, 1995, under the Marrakesh Agreement, replacing the General Agreement on Tariffs and Trade (GATT). It aims to regulate international trade by providing a framework for negotiating trade agreements and resolving disputes among its 164 member states. The WTO's primary objectives include establishing and enforcing international trade rules, resolving trade disputes, and assisting developing countries in benefiting from the global trading system. The organization operates through various bodies, including the Ministerial Conference, General Council, and specialized councils for goods, services, and intellectual property.
AD
Why It's Important?
The WTO plays a crucial role in maintaining a stable and predictable global trading environment, which is essential for economic growth and development. By reducing trade barriers and providing a platform for dispute resolution, the WTO helps facilitate international commerce, benefiting businesses and consumers worldwide. The organization's efforts to assist developing countries aim to promote economic inclusivity and reduce global inequality. However, the WTO faces criticism for its perceived inability to address modern trade challenges, such as digital trade and China's trade practices, highlighting the need for reform to remain relevant in the evolving global economy.
