WORLD TRADE ORGANIZATION
Foundation:- I January 1995
Headquarters:- Geneva Switzerland
Membership:- 164 member states
Director General:- Roberto Azevêdo
WTO was formed under the Marrakesh Agreement
India is a member of WTO since 1 January 1995
The primary purpose of the WTO is to open trade for the benefit of all.
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to ensure that trade flows as smoothly, predictably and freely as possible.
GATT was the predecessor of WTO. GATT stands for general tread agreement on Tariffs and Trade. The WTO’s creation on 1 January 1995 marked the biggest reform of international trade since the end of the Second World War. Whereas the GATT mainly dealt with trade in goods, the WTO and its agreements also cover trade in services and intellectual property. The Final Act concluding the Uruguay Round and officially establishing the WTO regime was signed 15 April 1994, during the ministerial meeting at Marrakesh, Morocco, and hence is known as the Marrakesh Agreement