World Trade Organization (WTO), international organization established to

supervise and liberalize world trade. The WTO is the successor to the General
Agreement on Tariffs and Trade (GATT), which was created in 1947 in the
expectation that it would soon be replaced by a specialized agency of the United
Nations (UN) to be called the International Trade Organization (ITO). Although
the ITO never materialized, the GATT proved remarkably successful in liberalizing
world trade over the next five decades. By the late 1980s there were calls for a
stronger multilateral organization to monitor trade and resolve trade disputes.
Following the completion of the Uruguay Round (1986–94) of multilateral trade
negotiations, the WTO began operations on January 1, 1995.
The World Trade Organization (WTO) is the only international
organization dealing with the global rules of trade. Its main function is to
ensure that trade flows as smoothly, predictably and freely as possible
The World Trade Organization (WTO) is the only global international
organization dealing with the rules of trade between nations. At its heart
are the WTO agreements, negotiated and signed by the bulk of
the world's trading nations and ratified in their parliaments..
Objectives of WTO

1 set and enforce rules for international trade,

2 to provide a forum for negotiating and monitoring further trade liberalization,

(3) to resolve trade dispute

(4) to increase the transparency of decision-making processes,

(5) to cooperate with other major international economic ...

(6) to help developing countries benefit fully from the global trading
System

The Importance of the WTO to World Trade

It does this by implementing, regulating and operating trade agreements between

countries, and provides a fair forum for trade negotiations between member countries,
mediating on disputes as they arise. It aims to help with imports, exports and conducting
trade fairly.
Other Functions

1 cut living costs and raise living standards

2 settle disputes and reduce trade tensions
3 stimulate economic growth and employment
4 cut the cost of doing business internationally
5 encourage good governance
6 help countries develop
7 give the weak a stronger voice
6 support the environment and health
9 contribute to peace and stability
10 be effective without hitting the headlines
the main functions of the WTO are:

Administering WTO trade agreements.

Providing forum for trade negotiations.

Handling trade disputes.

Monitoring Members' trade policies.

Providing technical assistance and training to developing and least

developed economies.

Cooperating with other international organization