World Trade Organization (WTO) Countries 2022

The 164 member countries that make up the World Commerce Organization (WTO) deal with the worldwide norms of international trade.

The World Commerce Organization’s primary role is to guarantee that global trade is unchecked and uncontrolled.

The World Trade Organization (WTO) also serves as an alternate dispute or mediation organization for member nations when trade issues emerge.

The global Trade and Tariff Treaty (GATT) of 1947 gave birth to the World Trade Organization. The GATT was a legally binding agreement signed by 23 nations to abolish trade obstacles such as quotas, tariffs, and subsidies.

After World War II, the pact was designed to help the economy rebuild. As a result of signing the GATT on January 1, 1995, the World Trade Organization (WTO) was established.

The World Trade Organization (WTO) has both advantages and disadvantages. There is a widespread belief that the World Trade Organization benefits industry and the global economy by decreasing trade barriers and making it easier for member nations to resolve trade disputes.

On the other hand, Skeptics argue that the WTO worsens the global economic disparity and weakens basic democratic principles. Human rights and domestic communities are seen as being harmed due to WTO policies.

A country’s domestic laws cannot conflict with the WTO’s rules and regulations if it is a WTO member. Currently, 96.4 percent of global commerce is governed by WTO rules and regulations.

The World Trade Organization (WTO) is disliked by President Trump, who has threatened to remove the United States from the WTO. In his opinion, the organization’s decisions are unduly biased against the United States.

People who agree with Trump point to several WTO rulings, including those against the United States, in which the United States has lost around 90% of the time. However, the United States has also prevailed in 91% of its complaints.

Trump’s decision to withdraw the United States from the World Commerce Organization (WTO) would have a devastating impact on global trade.

At its founding, the World Trade Organization had 125 members. With 164 nations now on board, the organization thrives and expands its membership every day. Listed below are the nations that are members of the World Trade Organization (WTO).

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