The system’s overriding purpose is to help trade flow as freely as possible — so long as there are no undesirable side-effects — because this is important for economic development and well-being.
WTO began life on 1 January 1995.
Since 1948, the General Agreement on Tariffs and Trade (GATT).
The last and largest GATT round, was the Uruguay Round from 1986 to 1994 and led to the WTO’s creation.
WTO and its agreements now cover trade in services, and in traded inventions, creations and designs (intellectual property).
