22 Dec 2017
Acronym in full: World Trade Organization
The World Trade Organization (WTO) commenced operation in 1995 after the Uruguay Round negotiations and the signing of the Marrakech Agreement. WTO is an organisation for trade opening. It operates a system of trade rules which has a basic structure of the Marrakech Agreement and its four annexes. Annex 1 includes trade in goods (GATT), trade in services (GATS) and intellectual property rights (TRIPS); Annex 2 is on dispute settlement, Annex 3 on trade policy review and Annex 4 on plurilateral agreements. As of July 2016, WTO had 164 member economies.
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Related resource: The World Trade Organization