The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. It was established on January 1, 1995, pursuant to the 1994 Marrakesh Agreement, replacing the General Agreement on Tariffs and Trade (GATT) that had been established in 1948. The WTO agreements are negotiated and signed by the bulk of the worlds trading nations and ratified in their parliaments. The WTO operates the global system of trade rules and helps developing countries build their trade capacity. It also provides a forum for its members to negotiate trade agreements and to resolve the trade problems they face with each other. The WTO has 164 members, accounting for 98% of world trade.

Here are some key points about the WTO:

• The WTO is the only global international organization dealing with the rules of trade between nations.
• The WTO agreements provide the rules for international commerce and bind governments to keep their trade policies within agreed limits.
• The WTO operates a system of trade rules and acts as a forum for negotiating trade agreements.
• The WTO helps developing countries build their trade capacity.
• The WTO provides a forum for its members to resolve the trade problems they face with each other.
• The WTOs overriding objective is to help trade flow smoothly, freely, and predictably.
• The WTO is run by its member governments, and all major decisions are made by the membership as a whole.