World Trade Organization

The World Trade Organization (WTO) is an international organization that oversees numerous trade agreements between its Member States. It was established on January 1, 1995, at the conclusion of the Uruguay Round negotiations.

History

The WTO was set up to replace the General Agreement on Tariffs and Trade (GATT), which was established in 1948. The Marrakech Agreement of 1994 marked the beginning of the WTO's operations. The organization has its headquarters located at the William Rappard Centre in Geneva, Switzerland.

Organization and Functions

The WTO is a platform where commercial relations are developed between countries through public negotiations and agreements. It provides participating countries with facilities for trade in goods, services, and intellectual property by providing a framework for criticism of trade agreements. The purpose of these agreements is to generally reduce or eliminate tariffs, quotas, and other restrictions.

Membership

The WTO has 164 member countries, representing more than 98% of global trade and global gross domestic product. In addition to its member countries, 26 other countries are negotiating membership of the Organization, including more than 97% of the world trade in goods and services.

Establishment

WTO was founded on January 1, 1995, following the completion of negotiations on the Uruguay Round on December 15, 1993. The organization's establishment marked a significant milestone in the liberalization of international trade.

Note: I have maintained all factual data, numbers, dates, and names as per the original sources while avoiding redundancies and resolving conflicts logically to create a comprehensive and structured article.