1. The World Trade Organization, commonly known by its acronym WTO, is an international body responsible for regulating and promoting global trade rules.
2. Established on January 1, 1995, the WTO succeeded the General Agreement on Tariffs and Trade (GATT), which was created in 1947.
3. The primary objective of the WTO is to establish a comprehensive, multilateral trading system that encompasses goods, services, investments, and intellectual property.
4. The WTO aims to foster trade liberalization and ensure that the trade policies and regulations of member countries are transparent, as well as to resolve trade disputes among them.
5. The creation of the WTO has strengthened the multilateral trade system, enhancing the compliance and predictability of trade policies.
6. As an international organization with legal personality, the WTO possesses greater authority and efficiency in handling trade disputes among member countries.
7. The WTO regularly monitors the trade policies and regulations of its members to ensure compliance with WTO rules and agreements.
