International Relations
World Trade Organization
Intergovernmental trade organization
Overview
The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. Established on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, it succeeded the General Agreement on Tariffs and Trade (GATT), which was created in 1948. As the world's largest international economic organization, the WTO has 166 members, representing over 98% of global trade and global GDP. It is headquartered in Geneva, Switzerland.
Source: Wikipedia — World Trade Organization (CC BY-SA)
Key concepts
How World Trade Organization connects to the ideas, people and events around it.
An international organization, also known as an international institution or intergovernmental organization (IGO), is an association of states established by a treaty or other type of instrument governed by international law to pursue the common aim of its member states.
International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or demand for goods or services.
The Marrakesh Agreement, manifested by the Marrakesh Declaration, was an agreement signed in Marrakesh, Morocco, by 123 nations on 15 April 1994, marking the culmination of the eight-year-long Uruguay Round and establishing the World Trade Organization, which officially came into being on 1 January 1995.
The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.
Gross domestic product (GDP) is a monetary measure of the total market value of all of the final goods and services which are produced and rendered during a specific period of time by a country or countries.
Geneva is the second-most populous city in Switzerland and the most populous in French-speaking Romandy. Situated in the southwest of the country, where the Rhône leaves Lake Geneva, it is the capital of the Republic and Canton of Geneva.
Intellectual property (IP) is a category of property that includes intangible creations of the human intellect, while intellectual property rights ("IPR") are rights empowering the creator or owner of an intellectual property asset to use it and to prevent others from doing so.
Most favoured nation (MFN) is concept or principle in international economic relations whereby two states that have most favoured nation with one another will provide the same trade advantages to one another as they would with a third state.
Revise World Trade Organization
Flashcards and a quick quiz, built from this map.
Questions about World Trade Organization
What is World Trade Organization?
The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. Established on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, it succeeded the General Agreement on Tariffs and Trade (GATT), which was created in 1948.
What are the key concepts related to World Trade Organization?
The main concepts connected to World Trade Organization include International organization, International trade, Marrakesh Agreement, General Agreement on Tariffs and Trade, Gross domestic product, Geneva, Intellectual property, Most favoured nation. Each is linked on the map above with its own summary.
Which exams cover World Trade Organization?
World Trade Organization is part of International Relations, which appears in the syllabus of UPSC CSE, UPSC CAPF, NDA, CDS, AFCAT, IBPS PO and 38 more exams.