ˌWorld ˈTrade Organiˌzation, the abbreviation, WTO
an international organization, established in 1995 and based in Geneva, that deals with the rules of trade between different nations, and encourages them to trade fairly

[TahlilGaran] Dictionary of Contemporary English ▲

World Trade Organization
Provisions to establish the WTO were reached in the Uruguay Round of the General Agreement on Tariffs and Trade (GATT). The WTO is scheduled to be established no later than 1997 as an international organization of comparable stature to the World Bank and the International Monetary Fund. The Organization is expected to facilitate implementation of trade agreements reached in the Uruguay Round by bringing them under one institutional umbrella, requiring full participation of all countries in one new trading system, and providing a permanent forum to discuss new issues facing the international trading system. The WTO system will be available only to countries which: (a) are contracting parties to the GATT, (b) agree to adhere to all of the Uruguay Round agreements, and (c) submit schedules of market access commitments for industrial goods, agricultural goods, and services.

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