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WTO

   Also found in: Dictionary/thesaurus, Financial, Acronyms, Wikipedia, Hutchinson 0.01 sec.

World Trade Organization (WTO)

International organization based in Geneva that supervises world trade. It was created in 1995 to replace the General Agreement on Tariffs and Trade (GATT). Like its predecessor, it aims to lower trade barriers and encourage multilateral trade. It monitors members' adherence to GATT agreements and negotiates and implements new agreements. Critics of the WTO, including many opponents of economic globalization, have charged that it undermines national sovereignty by promoting the interests of large multinational corporations and that the trade liberalization it encourages leads to environmental damage and declining living standards for low-skilled workers in developing countries. By the early 21st century, the WTO had more than 145 members.


WTO
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WHEN LEE KYUNG-HAE, a 56-year-old Korean farmer and former president of the Korean Advanced Farmers Federation, fatally stabbed himself at the WTO meeting in Cancun in 2003, "WTO Kills Farmers
Trade issues muscled their way into the headlines last week--from WTO talks in Geneva to changes in the U.
The [European Union] and others should apply to the WTO for a ruling which declares that America's refusal to participate in carbon curbs constitutes a de facto subsidy to US industry, which is illegal under trade rules.
 
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