Social Sciences, asked by prathmeshsonawane456, 3 months ago

international trade organization was established​

Answers

Answered by farhaanaarif84
2

Answer: 01: January 1995

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.[6][7][8]

World Trade Organization

Organisation mondiale du commerce (in French)

Organización Mundial del Comercio (in Spanish)

World Trade Organization (logo and wordmark).svg

WTO members and observers.svg

Members

Members, dually represented by the EU

Observers

Non-participant states

Formation

1 January 1995; 26 years ago

Type

International trade organization

Purpose

Reduction of tariffs and other barriers to trade

Headquarters

Centre William Rappard, Geneva, Switzerland

Coordinates

46°13′27″N 06°08′58″E

Region served

Worldwide

Membership

164 member states[1]

Official languages

English, French, Spanish[2]

Director-General

Ngozi Okonjo-Iweala[3]

Budget

197.2 million Swiss francs (approx. 220 million US$) in 2020.[4]

The WTO facilitates trade in goods, services and intellectual property among participating countries by providing a framework for negotiating trade agreements, which usually aim to reduce or eliminate tariffs, quotas, and other restrictions; these agreements are signed by representatives of member governments[9]:fol.9–10 and ratified by their legislatures.[10] The WTO also administers independent dispute resolution for enforcing participants' adherence to trade agreements and resolving trade-related disputes.[11] The organization prohibits discrimination between trading partners, but provides exceptions for environmental protection, national security, and other important goals.[11]

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