The Role of the World Trade Organization in Liberalizing World Trade

Abstract

The World Trade Organization (WTO) plays a pivotal role in the liberalization of world trade by establishing a comprehensive framework of rules and agreements aimed at reducing trade barriers and promoting global economic cooperation. Formed in 1995, the WTO has evolved from the General Agreement on Tariffs and Trade (GATT) and now encompasses various agreements addressing goods, services, and intellectual property. Through its foundational principles of non-discrimination, transparency, and reciprocity, the WTO facilitates negotiations among member countries to achieve tariff reductions and eliminate non-tariff barriers.