international trade organization was established
Answers
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]