The World Trade Organization (WTO) serves as the legal and institutional foundation of the multilateral trading system. It provides the fundamental contractual commitments that guide how governments formulate and implement domestic trade laws and regulations. Additionally, it fosters an environment conducive to developing trade relations between countries through dialogue and negotiation.<br /><br />The WTO was established on January 1, 1995, as a result of the Uruguay Round of trade negotiations among the members of the General Agreement on Tariffs and Trade (GATT). It is based on economic principles advocating free trade, ensuring smooth, predictable, and unrestricted trade flows whenever possible.<br /><br />The Marrakesh Declaration, signed in April 1994, which sanctioned the establishment of the WTO, stated that trade liberalization aims to strengthen the global trading system, expand international trade, increase investment and employment, and foster income growth worldwide.<br /><br />Key Functions of the WTO:<br />Administering and implementing multilateral and collective trade agreements under its framework.<br />Serving as a forum for multilateral trade negotiations.<br />Resolving trade disputes that arise among member states.<br />Overseeing national trade policies and issuing trade reports that provide insights into global trade indicators.<br />Coordinating trade policies among member states in collaboration with other international organizations involved in global economic policymaking.<br />The WTO headquarters is located in Geneva, Switzerland, and it is led by a Director-General elected by the organization's Ministerial Conference. The organization has 153 member states, whose trade activities account for 90% of global trade, in addition to several observer states. WTO decisions are made by consensus among members, ensuring equal opportunities for all members to participate in decision-making, regardless of their economic size.<br />Source: Economics of International Relations – Assistant Professor Dr. Ali Hatem Al-Quraishi.<br />#الجامعة_الاولى_في_العراق<br />#جامعة_المستقبل_الاولى_في_العراق<br />#الاولى_على_الجامعات_الاهلية_في_العراق<br />https://uomus.edu.iq/