Explain in brief international trade institutions and agreement.
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The World Trade Organization
The WTO came into being on 1 January 1995, as an international institution able to make binding trade rules and as a set of agreements between member States, building on the General Agreement on Tariffs and Trade (GATT). In addition to new rules on agriculture and textiles, the WTO also incorporated the General Agreement on Trade in Services (GATS) and the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). In addition, the WTO also created a Dispute Settlement Understanding, which allowed for enforceable decisions by WTO panels and it's Appellate Body.
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