What is the World Trade Organization (WTO)?

Its an international voluntary organization based in Switzerland whose primary aim is to regulate international trade  ,it provides a platform for negotiations on trade pacts and conflict resolution among members.

 

  WTO  is intergovermental of business  , global partnership , trade without discrimination , development and econimic

WTO is an organization of business,or its depend of they have that organization.

As most of the members have answered definition of WTO, to me it establishes framework for National/International trading policies and provides the platform thru below mentioned core competencies/values.

 

1 - Understanding Multilateral trading

2 - Global Partnerships

3 -Trade without discrimination

4 - Freer Trade: Gradually Through negotiation

5 - Predictability: Binding & Transparency

6 - Promoting Fair Competition

7 - Development and Economic Reform

8 - Safety Valves

What Is the WTO? The WTO was born out of the General Agreement on Tariffs and Trade (GATT), which was established in1947. A series of trade negotiations, GATT rounds began at the end of World War II and were aimed at reducing tariffs for the facilitation of global trade on goods. The rationale for GATT was based on the Most Favored Nation (MFN) clause, which, when assigned to one country by another, gives the selected country privileged trading rights. As such, GATT aimed to help all countries obtain MFN-like status so that no single country would be at a trading advantage over others. The WTO replaced GATT as the world's global trading body in1995, and the current set of governing rules stems from the Uruguay Round of GATT negotiations, which took place throughout. GATT trading regulations established between1947 and1994 (and in particular those negotiated during the Uruguay Round) remain the primary rule book for multilateral trade in goods. Specific sectors such as agriculture have been addressed, as well as issues dealing with anti-dumping. The Uruguay Round also laid the foundations for regulating trade in services. The General Agreement on Trade in Services (GATS) is the guideline directing multilateral trade in services. Intellectual property rights were also addressed in the establishment of regulations protecting the trade and investment of ideas, concepts, designs, patents, and so forth. The purpose of the WTO is to ensure that global trade commences smoothly, freely and predictably. The WTO creates and embodies the legal ground rules for global trade among member nations and thus offers a system for international commerce. The WTO aims to create economic peace and stability in the world through a multilateral system based on consenting member states (currently there are slightly more than140 members) that have ratified the rules of the WTO in their individual countries as well. This means that WTO rules become a part of a country's domestic legal system. The rules, therefore, apply to local companies and nationals in the conduct of business in the international arena. If a company decides to invest in a foreign country, by, for example, setting up an office in that country, the rules of the WTO (and hence, a country's local laws) will govern how that can be done. Theoretically, if a country is a member to the WTO, its local laws cannot contradict WTO rules and regulations, which currently govern approximately97% of all world trade.

>>>>>>>>>>>>>>>>>>>I AGREE WITH ALL ANSWERS

The global organization that work on trading process between countries regarding the rules and policies that been implemented 

Hi

 

Basically it encourages trade between member counties by setting certain rules and regulations but the most import part is it actively takes part in dispute settlements hence it can be understood as they guarantees the trade among the counties.

Agree with all professionals` answers...............Thank you dear for invitation.

The World Trade Organization (WTO) deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible

The World Trade Organization (WTO) is an intergovernmental organization which regulates international trade. The WTO officially commenced on1 January1995 under the Marrakech Agreement, signed by123 nations on15 April1994, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in1948.[5] The WTO deals with regulation of trade between participating countries by providing a framework for negotiating trade agreements and a dispute resolution process aimed at enforcing participants' adherence to WTO agreements, which are signed by representatives of member governments[6]:fol.9–10 and ratified by their parliaments.[7] Most of the issues that the WTO focuses on derive from previous trade negotiations, especially from the Uruguay Round (1986–1994). The WTO is attempting to complete negotiations on the Doha Development Round, which was launched in2001 with an explicit focus on developing countries. As of June2012, the future of the Doha Round remained uncertain: the work programme lists21 subjects in which the original deadline of1 January2005 was missed, and the round is still incomplete.[8] The conflict between free trade on industrial goods and services but retention of protectionism on farm subsidies to domestic agricultural sector (requested by developed countries) and the substantiation of fair trade on agricultural products (requested by developing countries) remain the major obstacles. This impasse has made it impossible to launch new WTO negotiations beyond the Doha Development Round. As a result, there have been an increasing number of bilateral free trade agreements between governments.[9] As of July2012, there were various negotiation groups in the WTO system for the current agricultural trade negotiation which is in the condition of stalemate.[10]