global international organization whose goal is to expedite trade between nations. Headquartered in Geneva, Switzerland, this organization, with approximately 150 member countries, encourages international trade, sets the rules, and resolves disputes between its members concerning international trade. Negotiates trade agreements that are signed by the bulk of the world's trading nations and ratified in their parliaments. The WTO replaced the General Agreement on Tariffs and Trade (GATT), though WTO embraces GATT's principles.
independent multilateral agency administering world trade agreements. WTO, headquartered in Geneva, Switzerland, resulted from the Uruguay round of General Agreement on Tariffs and Trade (GATT) concluded in 1995. WTO's tasks include fostering trade relations among its members, resolving disputes, and serving as a forum for future multilateral trade negotiations.
