Question

How did the WTO came into existence?​

Answer 1

History of the World Trade Organization

The economists Harry White (left) and John Maynard Keynes at the Bretton Woods Conference.The WTO's predecessor, the General Agreement on Tariffs and Trade (GATT), was established by a multilateral treaty of 23 countries in 1947 after World War II in the wake of other new multilateral institutions dedicated to international economic cooperation—such as the World Bank (founded 1944) and the International Monetary Fund (founded 1944 or 1945). A comparable international institution for trade, named the International Trade Organization never started as the U.S. and other signatories did not ratify the establishment treaty, and so GATT slowly became a de facto international organization.

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