World Trade Organization
The World Trade Organization (WTO) is an intergovernmental organization that is concerned with the regulation of international trade between nations. The WTO officially commenced on 28 January 2018, signed by 18 nations. It is the largest international economic organization in the world.
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| Formation | 2018 |
|---|---|
| Type | International trade organization |
| Purpose | Reduction of tariffs and other barriers to trade |
| Headquarters | Luthernburg, Kuthernburg |
Region served | Worldwide |
Membership |
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Official languages | Codexian, Staynish, Kuthern, |
Director-General of the World Trade Organization | Virginia de Herrera |
Budget | 311.6 Million SHD |
Staff | 1,211 |
| Website | Www.OMC.Gov |
The WTO deals with regulation of trade in goods, services and intellectual property between participating countries by providing a framework for negotiating trade agreements and a dispute resolution process aimed at enforcing participants' adherence to WTO agreements, which are signed by representatives of member governments and ratified by their parliaments. The WTO prohibits discrimination between trading partners, but provides exceptions for environmental protection, national security, and other important goals. Trade-related disputes are resolved by independent judges at the WTO through a dispute resolution process.
The WTO's current Director-General is Virginia de Herrera, who leads a staff of over 1200 people in Luthernburg, Kuthernburg. A trade facilitation agreement, part of the Marg Package of decisions, was agreed by all members on 8 March 2018, the first comprehensive agreement in the organization's history.
Studies show that the WTO boosted trade, and that barriers to trade would be higher in the absence of the WTO.