Established : 1995
Head Quarter : Geneva, Switzerland
World Trade Organization (WTO) is an intergovernmental organization that regulates international trade.WTO is the only global international organization dealing with the rules of trade between nations. WTO headquarter in Geneva,Switzerland.
The World Trade Organization came into being in 1995. One of the youngest of the international organizations, the WTO is the successor to the General Agreement on Tariffs and Trade (GATT) established in the wake of the Second World War.
The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948. The WTO is currently the host to new negotiations, under the ‘Doha Development Agenda’ launched in 2001.
The topmost decision-making body of the WTO is the Ministerial Conference, which usually meets every two years. It brings together all member Countries of the WTO. The Ministerial Conference can take decisions on all matters under any of the multilateral trade agreements.
The General Council is the WTO’s highest-level decision-making body in Geneva, meeting regularly to carry out the functions of the WTO. It has representatives (usually ambassadors or equivalent) from all member governments only meets about every two years. The General Council also meets, under different rules, as the Dispute Settlement Body and as the Trade Policy Review Body.
WTO Trade Policy Review Mechanism (TPRM)
The Trade Policy Review (TPR) is an important mechanism under the WTO’s monitoring function, and involves a comprehensive peer-review of the Member’s national trade policies. The reviews take place in the Trade Policy Review Body which is actually the WTO General Council — comprising the WTO’s full membership — operating under special rules and procedures.