The World Trade Organization

The World Trade Organization

Marko Vujosevic

The World Trade Organization The World Trade Organization commenced operations on January 1st 1995, pursuant to the 1994 Marrakesh Agreement. This intergovernmental body facilitates and regulates trade between different nations, and is used by governments to establish, enforce and revise the rules governing international trade.

Today, the World Trade Organization is the largest international economic organization globally, incorporating 164 member states and representing more than 98% of global GDP and trade.

The World Trade Organization facilitates trade in goods, intellectual property and services between participating countries, providing a framework for international trade agreements, which are typically devised to eliminate or reduce quotas, tariffs and other restrictions.

The World Trade Organization also administers independent dispute resolution, enforcing trade agreements and resolving trade-related disputes.

Headquartered in Geneva, Switzerland, the World Trade Organization’s top decision-making body is known as the ‘Ministerial Conference’, a board composed of all member states that usually convenes biennially, with consensus emphasized in all decisions.

The General Council is responsible for overseeing the World Trade Organization’s day-to-day functions and operations, while a Secretariat led by the Director General, comprising more than 600 personnel, provides professional, technical and administrative services.

Learn more about international commercial law by visiting the blog of Marko Vujosevic.