The World Trade Organization ( Wto )

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The World Trade Organization (WTO) is the only global international organization that regulates the rules of trade between member nations. Its mission is to create a “common institutional framework” that will facilitate trade negotiations and settle disputes. Decision-making in the WTO include both formal and informal processes. At the formal level, decision making takes place under a specific legal framework, which includes rules or guidelines, division of authority, legal ramifications of decisions and the provision for change. At the informal level, internal coalitions and group politics plan an essential role in reaching consensus among members.
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As globalization has created more of a demand for international rule-making bodies, the World Trade Organization (WTO) has become the premier forum for creating international trade rules and handling disputes amongst nations. GATT 1947, a multilateral treaty that promoted international trade and the reduction of trade barriers, was replaced by the WTO during the 8th round of multilateral trade negotiations in 1994 (known as the Uruguay Round). However, the trade pacts negotiated under GATT 1947 did not just disappear. The WTO Agreement in essence established a necessary legal framework to bring together the various deals that were negotiated under GATT 1947. The WTO thus serves four basic functions: To bring structure and order to world trade, to eliminate all trade barriers
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