World Trade Organization (WTO)

Updated: Aug 20, 2021

An international body to supervise and encourage international trade. An international trade organization was proposed following the Bretton Woods conference in 1944, but was never set up; the General Agreement on Tariffs and Trade (GATT) was started instead. GATT organized the Uruguay Round trade talks, which concluded in 1994 by setting up the WTO to take over its functions in encouraging multilateral trade in goods and services.

Reference: Oxford Press Dictonary of Economics, 5th edt.

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James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.