Facts and Interesting Points About World Trade Organization
The World Trade Organization (WTO) is crucial for global trade, promoting economic cooperation and development since its establishment in 1995. It succeeded the General Agreement on Tariffs and Trade (GATT), expanding its scope to include services, intellectual property, and dispute resolution. The WTO aims to liberalize trade, ensure non-discrimination among trading partners, and provide a stable trade environment. Key agreements under its purview cover goods, services, intellectual property, and agriculture, streamlining customs and technical procedures. The WTO’s Dispute Settlement Body handles trade disputes, ensuring rule enforcement and transparency. Despite challenges like stalled negotiations, geopolitical tensions, and the need for digital trade frameworks, the WTO remains essential in facilitating global trade and resolving conflicts.