World Trade Organization

Aim: To liberalize international trade.
When: Formed in 1995, replaced GATT.(Marrakech Agreement)
Headquarters: Geneva, Switzerland
Membership: 159 member states (Tajikistan became 159th WTO member)
Conflict: On Free trade vs protectionism and subsidies (as pushed by developing and welfare nations).

Important Pointers:

• The highest decision-making body of the WTO is the Ministerial Conference, which usually meets every two years.
• Iran is the biggest economy outside the WTO.
• The WTO has 159 members and 25 observer governments.
• In addition to states, the European Union is a member.
• GATT was established after World War II in the wake of new multilateral institutions formed – notably the Bretton Woods institutions known as the World Bank and the International Monetary Fund.