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Home→The Westburn Dictionary of Marketing→W→World Trade Organisation (WTO)

World Trade Organisation (WTO)

Definition:
The WTO was set up on 1 January 1995 to replace the General Agreement on Tariffs and Trade (GATT) which had been established in 1948.
The WTO's aim is to liberalize world trade and it provides the legal and institutional foundation for the promotion of multinational trade. It is responsible for administering 29 existing multilateral agreements covering such areas as agriculture, textiles, clothing etc. The main differences between the WTO and GATT which it has replaced are that the WTO is a permanent organization with a wider remit and stronger powers of enforcement. As of 1995 it had members who contributed a budget of SFr105 million based on their share of world trade.

Cross-References:
[General Agreement on Tariffs and Trade (GATT)]

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© Westburn Publishers Ltd 2002, The Westburn Dictionary of Marketing edited by Michael J Baker, ISBN 978-0-946433-01-8. www.themarketingdictionary.com. Entry: [Michael J. Baker], [1998].