World Trade Organization. Business & Marketing Essay (Essay Sample)

International Business Law
Student’s Name
Institutional Affiliation
The World Trade Organization
The World Trade Organization (WTO) was created in January 1995. The WTO was established to replace the General Agreement on Tariffs and Trade (GATT), which was established in 1947 by 23 member countries to reduce customs tariffs and create a fair trade platform for the member countries. Today, the WTO has 164 member states (“What is the WTO?,” n.d.). The WTO plays an essential role in regulating trade between member states and settling international disputes. The World Trade organization has emerged as a mighty establishment for reducing trade barriers and opening new markets between member states. The objectives of the WTO includes providing a good trading platform for its members, settling trade disputes, protection of intellectual property rights, and building trade capacity.
The role of the WTO in settling trade disputes between member states has the potential of maintaining bilateral relations between member countries and maintaining world peace. The WTO settles trade disputes through negotiations, mediation, and consultations. The procedures for mediating trade wrangles under the Dispute Settlement Understanding are essential for applying the regulations and ensuring trade is conducted peacefully (Bossche, 2013).