World Trade Organization

The World Trade Organization is an international organization that regulates international trade and resolves trade disputes between countries. It was established as part of the General Agreement on Tariffs and Trade (GATT) and replaced it in 1995. The WTO promotes free trade, sets rules for trade, and provides a forum for negotiation and dispute resolution. However, it has been criticized by some for impinging on national sovereignty and favoring developed countries over developing ones.