World Trade Organisation

International trade is regulated by this intergovernmental body. It was established in accordance with the Marrakesh Agreement, which was signed by 123 nations on April 15, 1994. It is more concerned with international trade agreements and regulations than it is with regulating or managing product prices. The WTO does not set prices; the market does. By lowering tariffs, quotas, and other trade restrictions between nations, it primarily serves to advance free trade and foster a more stable and open international commercial environment. It settles trade disputes. It helps developing nations with matters of trade policy. Geneva, Switzerland, is home to the headquarters. One of the main WTO accords is TRIMS (Trade-related investment measures), which forbids policies that discriminate against goods from other countries. Intellectual property rights issues are settled by TRIPS (trade-related aspects of intellectual property rights).