The World Trade Organization (WTO) was founded in 1995 as the GATT's successor organization (General Agreement on Trade and Tariff). In order to support all multilateral trade agreements, the GATT was established in 1948 with the support of 23 countries.
Its goal was to provide equal opportunities for all countries to participate in international trade negotiations. The WTO must establish a trading system based on rules, in which nations are prohibited from imposing unjustifiable trade restrictions.
Setting and enforcing norms for international commerce, presenting a panel for negotiating and overseeing further trade liberalization, resolving trade disputes, and improving the clarity of decision-making processes are the four objectives of the WTO.
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