What does WTO mean?

The World Trade Organization (WTO) is an international organization dedicated to supervising and opening up world trade. Its predecessor was the General Agreement on Tariffs and Trade (GATT) established in 1947. The WTO covers trade in goods, services and intellectual property rights, while GATT only applies to trade in goods. The basic principle and purpose of the WTO is to promote and realize the goal of world trade liberalization by implementing the principles of market openness, non-discrimination and fair trade. The scope of WTO agreements includes agriculture, textiles and clothing, services, government procurement, rules of origin and intellectual property rights. WTO is an international organization with legal person status. It has the ability to mediate disputes among its members.