The World Trade Organization (WTO) came into force on 1 January 1995 and is based in Geneva. More than 150 nations are members. The WTO’s top decision making body is the Ministerial Conference, which is normally held every two years. In December, the Ministerial Conference is expected to accept Russia as a new WTO member.
The WTO is a relatively powerful international organization. Its dispute settlement body can impose sanctions to enforce decisions on member countries’ disagreements over what WTO rules mean in practice.
Other important results included
– the end of textiles quotas at the beginning of 2005,
– the Agreement on Trade Related Intellectual Property Rights (TRIPS) and
– the General Agreement on Trades in Services (GATS).