On April 15, 1994, the World Trade Organization (WTO) was founded. The WTO is an international organization that regulates and facilitates international trade between nations. It replaced the General Agreement on Tariffs and Trade (GATT) as the principal global institution governing trade agreements and dispute resolution.
The establishment of the WTO marked a significant milestone in the evolution of global trade governance. Its primary objectives include promoting free trade, reducing barriers to trade, and ensuring fair and transparent trade practices among its member countries.
The WTO operates through a set of agreements negotiated and signed by its member countries, covering various aspects of trade such as tariffs, subsidies, intellectual property rights, and trade in services. It provides a forum for member countries to negotiate trade agreements, resolve disputes, and monitor compliance with trade rules.
Since its founding, the WTO has played a central role in shaping the global trade landscape, facilitating the growth of international trade and economic integration. However, it has also faced criticism and controversy, with some arguing that it disproportionately benefits wealthier countries and multinational corporations, while others argue that it does not do enough to address issues such as labor rights and environmental protection.
Overall, the establishment of the WTO reflects the increasing interconnectedness of the global economy and the ongoing efforts to promote a more open, rules-based international trading system.
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