World dispute.The functions of the WTO The

World Trade Organization  The World Trade Organization (WTO) is an intergovernmental association that manages global exchange. The primary purpose of this organization is to open trading and it has a lot of benefits for all nations. The WTO was started on 1 January 1995 under the Marrakesh agreement which was marked by 123 countries on 15th April 1994. Its headquarter is situated at center William Rappard, Geneva, Switzerland. Three official languages had been using in WTO and that are English, French and Spanish. The WTO acts as a conductor, Court, Monitor and Trainer. The main objectives of WTO are following:To raising living standard of citizens.Produce job opportunity at global level.Increase in production growth.Protection of environment.To handling the trade related dispute.The functions of the WTO  The important functions of the WTO are followingProvide technical advice to member nations.Co-operation with other global organization.Checking and reviewing nation trade policies.Handling trade dispute between nations.Implementation, administration and operation of covered agreements.The latest number of membership countries.There are total 164 members since 29 July 2016 and 23 observer countries. Mostly WTO members are developing or very less developed countries. Afghanistan became the newest member on 29 July 2016.Its relationship with GATT.The WTO suspended and replaced the GATT which was provisional, multilateral agreement governing international trade from 1947 until 1 jan 1995.It has been incorporated into new WTO agreements and now GATT dealt with trade in goods.General agreement on trade in services.Trade related aspects of intellectual property rights (TRIPS). The number of countries that had originally signed the GATT by 1994.128 countries had signed GATT on 1 Jan 1995. The last five countries that became members of the WTO.The five last nations that became members of the WTO:Afghanistan 29 July 2016Liberia 14 July 2016Kazakhstan 30 Nov 2015Seychelles 26 April 2015Yemen 26 June 2014