What Is The World Trade Organization?
World Trade Organization
(WTO): its predecessor was established in 1947.
tariff
and
Trade
GATT GATT.
WTO covers trade in goods, services and intellectual property, while GATT is only applicable to trade in goods.
The world trade organization was founded in January 1, 1995 and is headquartered in Geneva.
As a formal international trade organization, WTO is legally equal to international organizations such as the United Nations.
Its scope of duties is in addition to the original organization and implementation of multilateral trade agreements and multilateral trade negotiations, as well as a forum for the GATT. It also deliberated regularly on trade policies of its members and unanimously dealt with trade disputes between members, and strengthened cooperation with the International Monetary Fund and the world bank in order to achieve consistency in global economic policies.
The scope of the WTO agreement ranges from agriculture to textiles and clothing, from services to government procurement, from rules of origin to intellectual property.
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