garment factory, Vietnam
Workers sewing clothing in a garment factory in Ho Chi Minh City in November 2006, the week before Vietnam was approved to join the World Trade Organization. The Vietnamese economy, already booming, stood to gain even more from the WTO.
World Trade Organization
international trade
Also known as: WTO
Quick Facts
- Date:
- January 5, 1995 - present
- Headquarters:
- Geneva
- Areas Of Involvement:
- international trade
- globalization
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World Trade Organization (WTO), international organization established to supervise and liberalize world trade. The WTO is the successor to the General Agreement on Tariffs and Trade (GATT), which was created in 1947 in the expectation that it would soon be replaced by a specialized agency of the United Nations (UN) to be called the International Trade Organization (ITO). Although the ITO never materialized, the GATT proved remarkably successful in liberalizing world trade over the next five decades. By the late 1980s there were calls for a stronger multilateral organization to monitor trade and resolve trade disputes. Following the completion of ...(100 of 1708 words)