The World Trade Organization (WTO) is the largest, most powerful international organization dealing with global rules of trade among nations. It was formed in 1995 following the so-called Uruguay Round of negotiations under the General Agreement on Tariffs and Trade (GATT), the previous multilateral trading system established in 1948. Whereas GATT was primarily concerned with trade in goods, the WTO covers trade in goods and services, banking and finance, intellectual property, dispute settlement, and trade policy reviews. The purpose of the WTO is to provide a negotiating forum for nations to form agreements to lower trade barriers to ensure that trade flows as freely, fairly, and predictably as possible. The WTO regulates trade by administering and negotiating trade agreements, resolving trade disputes, reviewing national trade policies, providing technical assistance and training programs in developing nations, and cooperating with other international organizations. All WTO trade agreements are...