World_Trade_Organization

World Trade Organization World Trade Organization The World Trade Organization came into being on January 1st, 1995. WTO, a multilateral trading system, is the successor to the General Agreement on Tariffs and Trade(GATT) established in the wake of World War 2.The system was developed through a series of trade negotiations, or rounds, held under GATT. The first rounds dealt mainly with tariff reductions but later negotiations included other areas such as anti-dumping and non-tariff measures. The purpose of the WTO is mainly to facilitate trade. The organization stresses that they are merely place for countries to negotiate trade and settle disputes. The WTO also helps lower trade barriers but also enforces trade rules and regulations. For example, the WTO encourages trading without discrimination. This is when countries trade with other countries and treat each individual country equally. With this principle bribes and unfair trading is eliminated. The WTO’s ultimate goal is “to improve the welfare of the peoples of the member countries.” The WTO’s headquarters’ are wto, trade, states, united, against, countries, organization, member, world, ruled, trading, rules, law, general, dispute, council, about, steel, international, eu, body, 2004, union, tariffs, settlement, over, nations, members, european, authority, russia, organizations, one, november, issues