definitions World Trade Organization (WTO)

World Trade Organization (WTO)

The WTO is a multilateral organization that promotes free and fair trade among the nations of the world. It was created in 1995 by 121 nations at the Uruguay Round of the General Agreement on Tariffs and Trade (GATT). The WTO is responsible for implementation and administration of the trade agreement. A global international organization that specifies and enforces rules for the conduct of international trade policies and serves as a forum for negotiations to reduce barriers to trade. Formed in 1995 as the successor to the GATT, it had 136 member countries as of April 2000.