- Definition: World Trade Organization
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The WTO is an international organization responsible for regulating trade between its members. It is located in Geneva, Switzerland, was established in 1995, and currently has 150 member countries that encompass the large majority of world trade. The WTO’s primary responsibility is to administer trade agreements covering three major areas: (1) trade in goods (including the General Agreement on Tariffs and Trade, the Agreement on Agriculture, the Agreement on Anti-Dumping, the Agreement on Subsidies and Countervailing Measures, the Agreement on Safeguards); (2) trade in services (the General Agreement on Trade in Services); and (3) agreements covering intellectual property rights (the Agreement on Trade-Related Aspects of Intellectual Property Rights). The WTO also sponsors multinational trade negotiations; resolves trade disputes between its members; monitors national trade policies; administers plurilateral agreements (the Agreement on Government Procurement); and provides technical assistance and training for developing countries.
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