The World Trade Organization (also known as WTO) is an international association that was founded to improve trades among the different countries in the world. The introduction and implementation of the Marrakesh Agreement triggered the establishment of this organization. To know the exact date when was WTO formed, it is important to explore the important events and details about the history of this association. In addition, it is also helpful to learn the functions of the World Trade Organization.
When was WTO formed? Technically speaking, the World Trade Organization was established on the first day of January year 1995 after the Marrakesh Agreement was introduced. However, the activities of this association have been present since the General Agreement on Tariffs and Trade was implemented in 1947 after the Second World War. This agreement triggered the formation of other international organizations that have been helpful to enhance international economic cooperation such as the International Monetary Fund and the World Bank.
At this time, the International Trade Organization (also known as ITO) was formed. This association has the same objectives, mission and vision with the World Trade Organization. The formation of the ITO was opposed by the United States. Because of this, the General Agreement on Tariffs and Trade was transformed into an international association.
The agreement continued to function as an organization for almost 50 years. It governed treaties and policies related to international trade, which was very helpful to enhance and improve cooperation among countries. Throughout these years, many political leaders proposed changes or amendments in the policies and regulations implemented by the General Agreement on Tariffs and Trade, which led to the formation of the World Trade Organization in the mid 1990s.
Other Relevant Information About the WTO
To improve the international trade, the WTO launched various ministerial conferences from 1996 to 2005. Some of these conferences where held at Singapore, Switzerland, United States and Qatar. One of the most popular meetings organized by the organization is the fourth ministerial conference, which was held at Doha in Qatar in 2001. At this conference, the members of the World Trade Organization discussed the ways to help improve the economies of poor and developing countries. Another important event in the history of the organization was the formation of the Multilateral Agreements on Trade in Goods, which was implemented in 1994. Soon after the Final Act about the negotiations in Uruguay was approved and the General Agreement on Tariffs and Trade became a supporting treaty for the establishment of the WTO.