World Trade Organisation (WTO)
The World Trade Organization, popularly known as WTO, is the world’s only international organization dealing with the rules of conduct of trade between countries. Its chief mandate is to ensure that global trade runs in as free, smooth and predictable a manner as possible. The greater part of the organization’s work flows from the Uruguay Round (multilateral trade negotiations between 1986 and 1994) and the earlier discussions under GATT (General Agreement on Tariffs and Trade).
A big component of the WTO are the WTO agreements that are negotiated and signed by most of the trading nations of the world. These agreements provide the legal framework and principles for international commerce. These are nothing but contracts which bind the concerned governments to maintain their policies of trade within the agreed limits.