Which organization is referred to as WTO?

The correct answer is World Trade Organization.

Key Points

• The World Trade Organization (WTO) is an intergovernmental organization that regulates international trade.
• WTO officially commenced on 1 January 1995, replacing the General Agreement on Tariffs and Trade (GATT) that was established in 1948.
• WTO's primary goal is to ensure that trade flows as smoothly, predictably, and freely as possible.
• The organization is headquartered in Geneva, Switzerland, and has 164 member countries as of 2023.
• The WTO provides a forum for negotiating trade agreements, resolving trade disputes, and monitoring member countries' trade policies.

Additional Information

• General Agreement on Tariffs and Trade (GATT)
  • GATT was a legal agreement minimizing barriers to international trade by eliminating or reducing quotas, tariffs, and subsidies while preserving significant regulations.
  • It was signed in 1947 and was in effect until the WTO was established in 1995.
• Dispute Settlement Mechanism
  • The WTO has a unique mechanism to resolve trade disputes between member countries, ensuring that trade flows smoothly.
  • It provides a forum for countries to resolve disputes and has a detailed process for adjudicating disputes.
• Doha Development Round
  • The Doha Round is the latest round of trade negotiations among the WTO membership.
  • Its aim is to achieve major reform of the international trading system through the introduction of lower trade barriers and revised trade rules.
• Trade Facilitation Agreement (TFA)
  • The TFA, which entered into force in February 2017, is the first multilateral deal concluded in the 21-year history of the WTO.
  • It aims to expedite the movement, release, and clearance of goods across borders, reducing costs and improving efficiency in international trade.