World Trade Organization

World Trade Organization, WTO - was founded in 1995, replacing the General Agreement on Tariffs and Trade (GATT) and constituing a stronger multilateral organization to oversee the rules of international trade and the settlement of international trade disputes between Governments, and to organize trade negotiations. The status of the World Trade Organization is slightly complex, since it has no formal agreement with the UN but has close cooperative arrangements and practices with the United Nations and UN agencies.

WTO is governed by its Member States. The Ministerial Conference is the supreme body of the WTO. It is represented by all Member States and meets at least once every two years. The Conference has the authority to carry out the functions of the WTO and take the actions necessary under the multilateral trade agreements.  

The General Council, the Dispute Settlement Body and the Trade Policy Review Body 
carry out the day-to-day work between the Ministerial Conferences. Under the General Council
there are additional councils, committees and subsidiary bodies handling different areas of trade. 

All member states contribute to the Budget in proportion to their share of international trade. Although, in principle, all members of the WTO have equal rights, decison-making is still dominated by rich countries with financial and admininstrative resources. 

The WTO headequarters are located in Geneva.