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WTO

A Dictionary of Contemporary World History | 2004 | | © A Dictionary of Contemporary World History 2004, originally published by Oxford University Press 2004. (Hide copyright information) Copyright

WTO (World Trade Organization) The successor to GATT, founded by the Marrakesh Agreement of 1994 and effective from 1 January 1995. Its aim has been to promote economic liberalization, mutuality, and preferred trade rules for all member states. Its highest decision-making organ is a ministerial conference of all member states which meets every two years. Beyond this, it acts as an arbiter in international trade disputes between member states. At the same time, its commitment to economic globalization has made it the target of mass demonstrations. This reflected widespread concern that unbridled economic liberalization would help the economy of the strong against the weak member states, and that globalization destroyed cultural diversity. On 1 January 2002 the WTO had 148 member states, with the People's Republic of China and Taiwan as its most recent members.

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