World Trade Organization ( Wto )

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World Trade Organization (WTO) is an international institution that supervises and ensures the executions of trade agreements and treaties among economic entities. Its headquarter is located in Geneva (Switzerland). It was called Economic UN for its status of international trade. The volumes of trade of the members have become the majority international trade. It is the maker, supervisor and executor of multilateral trade treaties and agreements. It is an important place to settle trade disputes. It is an influential participant in the international economic cooperation with other global institutions and one of the most important international organizations. WTO was born out of the negotiations called the Uruguay Round and earlier negotiations under the General Agreement on Tariffs and Trade (GATT) on 15th April 1994, aiming at cover the shortages of GATT. GATT, the product of international free trade, is the predecessor of WTO, which was an intergovernmental agreement about the rules of tariffs and trade signed on 30th October 1947. However, it had been an interim agreement but not a formal international institution since it came into force, which had hugely limited its processes of executions. Firstly, it lacked of legal binding and powerful measures. Secondly, the interim agreement had some grey area, which cause the agreement could not be implemented accurately. Finally, GATT discriminated different social systems. With eight multilateral tariff and trade negotiations

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