Answer--------------------------World Trade Organization(WTO),international organizationestablished to supervise and liberalize world trade. The WTO is the successor to theGeneral Agreement on Tariffs and Trade(GATT), which was created in 1947 in the expectation that it would soon be replaced by a specialized agency of theUnited Nations(UN) to be called the International Trade Organization (ITO). Although the ITO never materialized, the GATT proved remarkably successful in liberalizing world trade over the next five decades. By the late 1980s there were calls for a stronger multilateral organization to monitor trade and resolve trade disputes. Following the completion of theUruguayRound (198694) of multilateral trade negotiations, the WTO began operations on January 1, 1995.OriginsThe ITO was initially envisaged, along with theInternational Monetary Fund(I ...
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