World Trade Organization (WTO)
International organisation governing the rules of trade between nations, succeeding the GATT since 1995, with 164 members.
Overview and mission
The World Trade Organization (WTO) is the international institution governing the rules of global trade. Founded on 1 January 1995, it succeeded the General Agreement on Tariffs and Trade (GATT) of 1947. Based in Geneva, it has 164 members representing over 98% of world trade.
Core functions
The WTO fulfils five essential functions:
- Administering trade agreements (GATT, GATS, TRIPS, etc.)
- Forum for trade negotiations (negotiating rounds)
- Dispute settlement (Dispute Settlement Body — DSB)
- Trade policy review of members (surveillance mechanism)
- Technical assistance to developing countries
Foundational agreements
The WTO system rests on a set of agreements covering:
- Trade in goods (GATT and annexed agreements)
- Trade in services (GATS)
- Intellectual property (TRIPS)
- Dispute settlement (Understanding on Rules and Procedures)
Current challenges
The WTO faces major challenges: the Appellate Body has been non-functional since December 2019, multilateral negotiations remain difficult (Doha Round unfinished), and protectionism is rising. The 13th Ministerial Conference (MC13) in Abu Dhabi (2024) produced limited results but reignited dialogue on organisational reform.