World Trade Organization (WTO)

The WTO was founded in 1995, succeeding the General Agreement on Tariffs and Trade (GATT) that had governed international trade since 1948. The WTO administers trade agreements among member states, provides forums for negotiating further liberalization, and resolves trade disputes. It has 164 member states as of the 2020s. Critics argue that the WTO has favored corporate interests and developed countries over developing ones; supporters argue that the rules-based trading system has produced enormous economic growth.