what is the world trade organization wto 
created in 1995 the world trade organization wto is an international institution that oversees the rules for global trade among nations it superseded the 1947 general agreement on tariffs and trade gatt created in the wake of world war ii the wto is based on agreements signed by a majority of the world s trading nations the main function of the organization is to help producers of goods and services as well as exporters and importers protect and manage their businesses on 26 february 2024 at the 13th ministerial conference in abu dhabi comoros and timor leste were approved to became the 165th and 166th members 1understanding the world trade organization wto the wto is essentially an alternative dispute or mediation entity that upholds the international rules of trade among nations the organization provides a platform that allows member governments to negotiate and resolve trade issues with other members the wto s main focus is to provide open lines of communication concerning trade among its members the wto has lowered trade barriers and increased trade among member countries it also has also maintained trade barriers when it makes sense to do so in the global context the wto attempts to mediate between nations in order to benefit the global economy 2once negotiations are complete and an agreement is in place the wto offers to interpret the agreement in case of a future dispute all wto agreements include a settlement process that allows it to conduct neutral conflict resolution 2on feb 15 2021 the wto s general council selected two time nigerian finance minister ngozi okonjo iweala as its director general she is the first woman and the first african to be selected for the position she took office on march 1 2021 for a four year term 34no negotiation mediation or resolution would be possible without the foundational wto agreements these agreements set the legal ground rules for international commerce that the wto oversees they bind a country s government to a set of constraints that must be observed when setting future trade policies 5the agreements protect producers importers and exporters while encouraging world governments to meet specific social and environmental standards 1in recent years the u s relationship with the wto has been cool the feeling is that the wto is not doing enough to counteract china s unfair trade practices 6advantages and disadvantages of the wtothe history of international trade has been a battle between protectionism and free trade and the wto has fueled globalization with both positive and adverse effects the organization s efforts have increased global trade expansion there are side effects to globalization including a negative impact on local communities and human rights 7proponents of the wto particularly multinational corporations believe that the organization is beneficial to business seeing the stimulation of free trade and a decline in trade disputes as beneficial to the global economy skeptics believe that the wto undermines the principles of organic democracy and widens the international wealth gap they point to the decline in domestic industries and increasing foreign influence as negative impacts on the world economy as part of his broader attempts to renegotiate u s international trade deals when he was in office then president donald trump threatened to withdraw from the wto calling it a disaster a u s withdrawal from the wto could have disrupted trillions of dollars in global trade however he didn t withdraw the u s from the wto during his time in office 8