WTO - World Trade Organisation

WTO is intergovernmental organisation which regulates international trade. It acts as a forum for negotiating trade agreements and a negotiator where the member nations try to sort out their trading disputes. 

History of WTO.

• Before the existence of WTO there is a predecessor GATT. It stands for General Agreement on Trade and Tariff.
• GATT came to effect on Jan 1, 1948.
• As the name suggests, GATT is only a set of rules agreed my its signatories regarding trade.
• WTO was constituted based on the Marrakesh Treaty(1994) which is the result of the Uruguay round of negotiations. 
• WTO was established on 1 Jan 1995.