The World Trade Organization (WTO) is an international organization that regulates and facilitates trade between member nations. The WTO was established on January 1, 1995, replacing the General Agreement on Tariffs and Trade (GATT), which was in operation since 1948.
As of 2021, there are 164 members of the WTO, including the European Union, which represents its 27 member countries. The latest country to become a member of the WTO is Uzbekistan, which joined in 2017.
All member nations of the WTO have signed the WTO Agreement, which is the main instrument governing international trade. The agreement covers a wide range of areas, such as goods, services, intellectual property, dispute settlement, and trade-related technical assistance.
The WTO Agreement is a legally binding document, which means that all member nations must comply with its provisions. The agreement aims to promote free and fair trade by reducing trade barriers, such as tariffs and quotas, and by providing a forum for negotiations and dispute resolution.
The WTO operates on the principle of non-discrimination, which means that member nations must treat each other equally and cannot discriminate against foreign products or services. This principle is embodied in two key agreements: the General Agreement on Tariffs and Trade (GATT) and the General Agreement on Trade in Services (GATS).
In addition to the WTO Agreement, member nations may also enter into bilateral or multilateral trade agreements, such as the North American Free Trade Agreement (NAFTA) or the Trans-Pacific Partnership (TPP). These agreements are designed to further reduce trade barriers and promote economic growth.
In conclusion, all member nations of the WTO have signed the WTO Agreement, which is the main instrument governing international trade. The agreement aims to promote free and fair trade by reducing trade barriers, and by providing a forum for negotiations and dispute resolution. By adhering to the principles of the WTO, member nations can promote economic growth and prosperity for their citizens.