WTO

The World Trade Organization is responsible for originating the unanimously agreed-upon global rules that govern international trade. It was created on January 1st 1995 and was preceded by the General Agreement on Tariffs and Trade (GATT). Current membership stands at 151 Members.
The WTO is not a United Nations specialized agency, although a strong cooperative relationship exists between the two organizations. Its main function is to ensure that international trade flows as freely and smoothly as possible. WTO trade agreements are reached based upon a consensus of participating members; these agreements are then to be ratified domestically by each of its Members, who are also responsible for monitoring subsequent domestic compliance to these agreements. The WTO also serves as the forefront global forum for multilateral trade negotiations aimed at liberalizing international trade. Finally, the WTO also has a dispute settlement system designed to reduce trade friction between Members, through interpretation of the agreements