The World Trade Organization (WTO) came into existence on January 1, 1995. It was established to replace the General Agreement on Tariffs and Trade (GATT), which had been in place since 1948. The WTO serves as an international organization that deals with the global rules of trade between nations, promotes and facilitates trade liberalization, and provides a forum for negotiations on trade-related issues among its member countries.
The WTO began life on 1 January 1995, but its trading system is half a century older. Since 1948, the General Agreement on Tariffs and Trade (GATT) had provided the rules for the system. (The second WTO ministerial meeting, held in Geneva in May 1998, included a celebration of the 50th anniversary of the system.)
It did not take long for the General Agreement to give birth to an unofficial, de facto international organization, also known informally as GATT. Over the years GATT evolved through several rounds of negotiations.
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The World Trade Organization (WTO) came into existence on January 1, 1995. It was established to replace the General Agreement on Tariffs and Trade (GATT), which had been in place since 1948. The WTO serves as an international organization that deals with the global rules of trade between nations, promotes and facilitates trade liberalization, and provides a forum for negotiations on trade-related issues among its member countries.
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Answer:
The WTO began life on 1 January 1995, but its trading system is half a century older. Since 1948, the General Agreement on Tariffs and Trade (GATT) had provided the rules for the system. (The second WTO ministerial meeting, held in Geneva in May 1998, included a celebration of the 50th anniversary of the system.)
It did not take long for the General Agreement to give birth to an unofficial, de facto international organization, also known informally as GATT. Over the years GATT evolved through several rounds of negotiations.
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