Financial Glossary: World Trade Organization


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World Trade Organization - WTO

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World Trade Organization - WTO

World Trade Organization - WTO

An international organization dealing with the global rules of trade between nations.

The WTO's headquarters are in Geneva, Switzerland.

Its main function is to ensure that trade flows as smoothly, predictably, and freely as possible. The World Trade Organization (WTO), is an international organization designed to supervise and liberalize international trade. The WTO came into being on January 1, 1995, and is the successor to the General Agreement on Tariffs and Trade (GATT), which was created in 1947, and continued to operate for almost five decades as a de facto international organization. De facto is a Latin expression that means "of the fact" or "in practice" but not spelled out by law.

The World Trade Organization deals with the rules of trade between nations at a near-global level; it is responsible for negotiating and implementing new trade agreements, and is in charge of policing member countries' adherence to all the WTO agreements, signed by the bulk of the world's trading nations and ratified in their parliaments.

The WTO is governed by a Ministerial Conference, which meets every two years; a General Council, which implements the conference's policy decisions and is responsible for day-to-day administration; and a director-general, who is appointed by the Ministerial Conference. The WTO's headquarters are in Geneva, Switzerland.

Posted by Catalyst Financial Partners LLC, Convention of Independent Financial Advisors CIFA, Institute for International Research

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