define world trade organization
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The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade between nations. It officially commenced operations on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, replacing the General Agreement on Tariffs and Trade (GATT), which was established in 1948. The WTO is the world's largest international economic organization, with 164 member states representing over 96% of global trade and global GDP.
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