World Trade Organization

World Trade Organization is a legislative and judicial body that intends to supervise and liberalize international trade. By promoting the free trade agenda of multinational corporations above the interests of local communities, working families, and the environment, the WTO has systematically undermined democracy around the world. WTO is responsible for providing a forum for trade negotiations, handling trade disputes, and monitoring national trade policies. It also administers WTO agreements, provides technical assistance to developing countries, and cooperates with other international bodies on trade issues. The main pillars of the WTO are the multilateral trade agreements, including the General Agreement on Trade in Services (GATS) and the Agreement on Trade-Related Aspects of Intellectual Property rights (TRIPS). These agreements do contain some provisions for the protection of public health and safety but they remain controversial. It is an organization of 159 members that deals with the rules of trade between nations. With Russia’s accession in August 2012, the WTO encompasses all major trading economies. The WTO works to help international trade flow smoothly, predictably, and freely, and provides countries with a constructive and fair outlet for dealing with disputes over trade issues. The WTO came into being in 1995, succeeding the General Agreement on Tariffs and Trade (GATT) that was established in 1947.

show less