The Puzzle of the World Trade Organisation's Foundation Year
The Puzzle of the World Trade Organisation's Foundation Year
When discussing the history of the World Trade Organisation (WTO), one question that often arises is: in which year was the organisation founded?
The World Trade Organisation was officially established on January 1, 1995. However, the roots of the WTO can be traced back to the General Agreement on Tariffs and Trade (GATT), which was created in 1947. GATT served as the foundation for the multilateral trading system and laid the groundwork for the establishment of the WTO.
Despite the clear establishment date of January 1, 1995, some confusion may arise due to the long history and evolution of international trade agreements. The transition from GATT to the WTO marked a significant shift in the global trading landscape, with the WTO taking on a broader mandate and more comprehensive rules and regulations.
Therefore, while the World Trade Organisation was officially founded in 1995, its origins can be traced back to the post-World War II era and the creation of GATT. Understanding this historical context is essential for grasping the significance and impact of the WTO on international trade.