What are the aspects of the WTO

WTO

World trade organization


WTO. The World Trade Organization logo
Abbreviation for World Trade Organization, German World Trade Organization, Special agency of the UN to ensure free world trade, founded on April 15, 1994 at the Ministerial Conference in Marrakech (Morocco); Headquarters: Geneva. The WTO came into force on January 1, 1995 and finally replaced GATT on January 1, 1996 (see there). In 2016, 161 contracting states and the European Commission are members of the WTO.

When it was founded, an organization that is independent under international law was created, which acts as the third pillar of the world economic order alongside the International Monetary Fund and the World Bank. The WTO is to organize and monitor international trade relations within binding regulations and ensure effective dispute settlement in the event of trade disputes. The most important principles for ensuring free world trade are: reciprocity (principle of reciprocity), liberalization (dismantling of tariffs and non-tariff trade barriers), non-discrimination (especially most favored nation treatment). The aim is to raise the standard of living and real incomes in the Member States, to achieve and secure full employment and, to this end, to expand trade and combat protectionism.

The WTO's system of rules for world trade is based on three pillars: 1) the GATT with its sub-agreements and decisions, 2) the agreement for the international exchange of services and 3) the agreement that regulates trade-related aspects of intellectual property rights.

Duden Wirtschaft from A to Z: Basic knowledge for school and study, work and everyday life. 6th edition. Mannheim: Bibliographisches Institut 2016. Licensed edition Bonn: Federal Agency for Civic Education 2016.