Origin of WTO 

• The World Trade Organization (WTO) succeeded the General Agreement on Tariffs and Trade (GATT), which was established in 1947.  
• The WTO was created as a result of the Uruguay Round (1986–1994) of GATT negotiations and began operations on January 1, 1995.  
• The “Marrakesh Agreement,” signed in Marrakesh, Morocco, in 1994, formally established the WTO. 

About WTO 

• The WTO is an international organization that sets rules for trade between nations.  
• Unlike GATT, which focused primarily on trade in goods, the WTO covers trade in goods, services, and intellectual property, such as designs, inventions, and trade creations.  
• Its headquarters is in Geneva, Switzerland. 

Members 

• The WTO has 164 member countries, including the European Union, and 23 observer governments, such as Iran, Iraq, Bhutan, and Libya.  
• India is a founding member of both GATT (1947) and the WTO. 

Governing Structure 

Structures of WTO 

1. Ministerial Conference: 

1. The highest decision-making body, composed of representatives from all WTO members. 
2. Meets at least every two years to decide on matters under multilateral trade agreements. 

2. General Council: 

1. Composed of all WTO members and reports to the Ministerial Conference. 
2. Operates in two forms: 

1. Dispute Settlement Body: Oversees dispute resolution processes. 
2. Trade Policy Review Body: Conducts reviews of members' trade policies. 

Objectives 

• Establish and enforce rules for international trade. 
• Provide a platform for trade negotiations and monitor trade liberalization. 
• Resolve trade disputes between member nations. 
• Enhance transparency in decision-making. 
• Collaborate with other international economic institutions. 
• Support developing countries in benefiting from global trade.