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World Trade Orgaisation (WTO)

What does World Trade Organisation mean?

World Trade Organisation is the only global international organisation dealing with the rules of trade between nations. It was established in 1994 and has its headquarters in Geneva. Its aim is to promote lower trade barriers and liberalise world trade. The WTO has 153 members (as of April 2009). The WTO monitors the trade policy of the member states by unanimous agreement and offers to act as an arbitrator if disputes occur.