World Trade Organisation

The World Trade Organization (WTO) is an international organization established to regulate and facilitate international trade between nations. It was created in 1995, succeeding the General Agreement on Tariffs and Trade (GATT), which was established in 1948. The primary purpose of the WTO is to ensure that trade flows as smoothly, predictably, and freely as possible.

Key functions of the WTO include:

1. **Administering WTO Trade Agreements**: The organization oversees the implementation, administration, and operation of the covered agreements.

2. **Forum for Trade Negotiations**: It provides a platform for negotiations among member countries to reach new trade agreements and resolve trade disputes.

3. **Trade Dispute Resolution**: The WTO offers a dispute resolution mechanism to help member countries resolve their trade disputes through a legal and institutional framework.

4. **Monitoring National Trade Policies**: The organization reviews and evaluates the trade policies and practices of member countries to ensure transparency and compliance with WTO rules.

5. **Technical Assistance and Training**: The WTO provides assistance and training to developing, least-developed, and transition economies to help them build their trade capacity.

The WTO operates based on a set of principles, including non-discrimination (most-favored-nation treatment and national treatment), freer trade through negotiation, predictability through binding and transparency, promoting fair competition, and encouraging development and economic reform.

The organization is headquartered in Geneva, Switzerland, and its highest decision-making body is the Ministerial Conference, which meets at least once every two years. The day-to-day work of the WTO is carried out by various councils and committees, supported by a Secretariat.