Define: World Trade Organisation

UK Accounting Glossary

Definition: World Trade Organisation

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What is the dictionary definition of World Trade Organisation?

Dictionary Definition

The World Trade Organisation (WTO) is an international trade organisation formed under the General Agreement on Tariffs And Trade (GATT)  as a replacement for GATT intended to implement measures agreed to at the Uruguay Round in 1994.

The World Trade Organisation’s aims are to continue GATT’s work in agreeing upon international trading rules and furthering the liberalisation of international trade.

WTO rules are very important in respect to international trade contracts and the WTO’s jurisdiction also extends into such aspects of trading as intellectual property rights.

The highest authority within the WTO is the Ministerial Conference, which is held approximately every 2 years.

The WTO began operating on the 1st January 1995 and as of 2016 had 164 member states.

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