Origins

The World Trade Organization (WTO) was established in 1995, replacing the General Agreement on Tariffs and Trade (GATT) which had been set up over 40 years earlier to oversee the rules of trade. The aim of the WTO is to ensure that trade flows as smoothly, predictably and freely as possible. Whereas the GATT only dealt with trade in goods, the WTO covers trade in goods and services as well as trade-related intellectual property rights. It also oversees strengthened rules for the settlement of disputes between members.