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WORLD TRADE ORGANIZATION (WTO)

The World Trade Organization (WTO), which official began on January 1, 1995 under the Marrakesh Agreement, was designed to supervise and liberalize international trade. It replaced the General Agreement on Tariffs and Trade (GATT) and has some 153 members. WTO deals with regulation of trade between participating countries. It provides a framework for negotiating and formalizing agreements and a dispute resolution process to enforce participants’ adherence to signed agreements.

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