The World Trade Organization (WTO) was founded in 1995 in Geneva, Switzerland and its main goal is to liberalize and regulate international trade and manage political relations between 164 member states.
The WTO is responsible for drafting and implementing new trade agreements and oversees members' compliance with all the agreements signed by most countries in the world and ratified by their parliaments. The WTO rules regulate trade and economic issues as well as providing a number of benefits for developing countries. According to the declaration, the work of the WTO, similar to GATT beforehand, is based on basic principles including equal rights, transparency, creation of active obligations and safety valves. The WTO can resolve disputes and reduce trade tensions, stimulate economic growth and employment, cut living costs and improve living standards, encourage good governance, help countries develop, support the environment and health and contribute to peace and stability. The WTO pays special attention to developing countries by meeting their special needs in various ways – the WTO Secretariat provides technical assistance, the WTO agreements contain special provisions for developing countries and the Committee on Trade and Development focuses its work in this area. The least-developed countries also receive extra assistance from the WTO.
WTO key sectors: International Trade, Economic Development, Good Governance, Technical Cooperation, Electronic Commerce, Investment, Labour Standards, Environment, etc.