As a result of Agreement signed under the auspices of the GATT, the WTO has come into being – in a place of GATT to give a boost to international trade through increased global market competition. WTO is a landmark in the history of multilateral trade relations. The WTO embodies an International trade organization having set of rules and principles, mutually designed and agreed upon to promote international trade in general and reduction of tariff barriers and removal of import restriction in particular. It is a new world trade order or system. WTO has taken over GATT to implement the agreement reached at the Eighth Round of GATT negotiations on December 15, 1993. The eighth round Agreement consists of a bilateral agreement that each of the contracting parties to the GATT signed.
In short, WTO, is a newly globally recognized trade organization with the new name succeeding GATT on renewed agreements and having a new vision and tougher enforcement power to promote international trade.
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