| Title |
WORLD TRADE
ORGANIZATION (WTO) |
|
Date-wise Events |
- January 01, 1995: The WTO
officially commenced on this day.
- April 15, 1994: WTO
commenced business under the Marrakech Agreement, signed by
123 nations on this day, replacing the General Agreement on
Tariffs and Trade (GATT), which commenced in 1948.
- December 07, 2013: A trade
facilitation agreement known as the Bali Package was reached
by all members on this day, the first comprehensive
agreement in the organization's history.
|
|
Description |
- WTO is an organization that intends to supervise and
liberalize international trade.
- The organization deals with regulation of trade between
participating countries by providing a framework for
negotiating and formalizing trade agreements and a dispute
resolution process aimed at enforcing participants'
adherence to WTO agreements, which are signed by
representatives of member governments and ratified by their
parliaments.
- Most of the issues that the WTO focuses on derive from
previous trade negotiations, especially from the Uruguay
Round (1986–1994).
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