The World Trade Organization is the only global international organization that deals with the rules of trade between nations. At its core are the WTO agreements, which have been negotiated, signed, and ratified by most of the world’s trading nations. The multilateral trading system is based on a few simple principles. The goal is to make trade as smooth, reliable, and free as possible.
The WTO has many responsibilities: It is the United Nations‘ World Trade Organization. It sets global rules for trade, provides a forum for negotiating trade agreements, settles trade disputes among its members, and supports the needs of developing countries.
All major decisions are made by the governments of the WTO members. The highest decision-making body of the WTO is the Ministerial Conference. Under it are the General Council and various other councils and committees. Ministerial conferences are usually held every two years. The General Council is the highest operational decision-making body. It meets in Geneva several times a year.
Public Forum 2023: in action, hochgeladen von der World Trade Organisation auf Youtube
The WTO celebrates its 25th anniversary, hochgeladen von der World Trade Organisation auf Youtube
The WTO has over 160 members representing 98% of world trade. More than 20 countries are seeking WTO membership. To join the WTO, a government must bring its economic and trade policies into conformity with WTO rules and negotiate the terms of accession with WTO members.
The WTO has a regular staff of about 650. Its annual budget is largely financed by membership fees. These contributions are based on a formula that takes into account each member’s share of international trade.
Ngozi Okonjo-Iweala is the seventh Director-General of the WTO. She took office on March 1, 2021, becoming the first woman and the first African to hold the position. Her term will end on August 31, 2025.
To the German translation of this article: Die Welthandelsorganisation (WTO)