Institutions
World Trade Organization
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The World Trade Organization is the principal international body governing trade rules between nations, established on 1 January 1995 as the successor to the General Agreement on Tariffs and Trade and headquartered in Geneva, Switzerland. It provides a forum for negotiating trade agreements, a system for settling trade disputes between member governments, and ongoing monitoring of national trade policies, with a stated aim of using trade as a means to improve living standards, create jobs, and support sustainable development.
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The WTO's rules based trading system rests on the classical case, first formalized by David Ricardo, that nations gain from specializing according to comparative advantage and trading openly, though real trade negotiations weigh many other national interests alongside this principle.
GATT governed international trade negotiations from 1947 until the Uruguay Round created the WTO, which absorbed and superseded it on 1 January 1995.
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