World Trade Organization (WTO)
The World Trade Organization (WTO) is the organizational and legal basis of the international trade system. Its documents define the key contractual obligations that should guide Governments in the creation and practical application of national laws and regulations in the field of trade. In addition, it is the forum where trade relations between countries are formed in the process of collective discussions, negotiations and reconciliation of differences.
The date of formation of the World Trade Organization is January 1, 1995.
The WTO is the successor to the GATT organization (General Agreement on Tariffs and Trade), and within the framework of the GATT Agreement, the countries united in 1949. The
WTO is the largest international economic organization that defines the rules of international trade in goods, services and intellectual property objects and monitors their implementation.
The World Trade Organization includes 160 countries.
The WTO headquarters is located in Geneva, Switzerland.
All WTO member countries undertake obligations to implement about 50 multilateral agreements, legal documents and legal instruments, the main of which are the Agreement establishing the WTO and the agreements attached thereto, united by the term "multilateral trade agreements". The WTO is a kind of contract (package of agreements), the rules and regulations of which regulate more than 90% of all world trade in goods and services.
Among the WTO multilateral trade agreements, non-tariff agreements occupy a special place:
- Agreement on Technical Barriers to Trade (TBT);
- Agreement on the Application of Sanitary and Phytosanitary Measures (SPS).
The date of formation of the World Trade Organization is January 1, 1995.
The WTO is the successor to the GATT organization (General Agreement on Tariffs and Trade), and within the framework of the GATT Agreement, the countries united in 1949. The
WTO is the largest international economic organization that defines the rules of international trade in goods, services and intellectual property objects and monitors their implementation.
The World Trade Organization includes 160 countries.
The WTO headquarters is located in Geneva, Switzerland.
All WTO member countries undertake obligations to implement about 50 multilateral agreements, legal documents and legal instruments, the main of which are the Agreement establishing the WTO and the agreements attached thereto, united by the term "multilateral trade agreements". The WTO is a kind of contract (package of agreements), the rules and regulations of which regulate more than 90% of all world trade in goods and services.
Among the WTO multilateral trade agreements, non-tariff agreements occupy a special place:
- Agreement on Technical Barriers to Trade (TBT);
- Agreement on the Application of Sanitary and Phytosanitary Measures (SPS).