The World Trade Organization (WTO) was established in 1995. The WTO's primary aim is to promote global trade liberalization and economic development among its member countries. It was created on January 1, 1995, evolving from the General Agreement on Tariffs and Trade (GATT), which had been instrumental in reducing trade barriers since 1947. The formation of the WTO was prompted by the increasing trend of globalization and economic integration, leading to closer interdependence among nations in terms of trade relations. While GATT had been successful in liberalizing world trade, it was felt that the agreement had limitations, such as its exclusive focus on merchandise trade, neglecting services and intellectual property rights. Additionally, loopholes in GATT's rules allowed for certain abuses.
The WTO performs several key functions:
1. Management Function: The WTO monitors and manages member countries' trade policies and regulations, ensuring compliance with international trade laws and conducting regular reviews.
2. Organizational Function: To fulfill the objectives of its trade agreements and promote the effective implementation of its covered agreements, the WTO has the authority to enforce and actively take various measures to support these goals.
3. Coordination Function: The WTO coordinates with international organizations and institutions such as the International Monetary Fund (IMF) and the World Bank to maintain consistency and unity in global economic decision-making. The organization also resolves disputes and conflicts among member nations when they arise.
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