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World Trade Organization (WTO)
 

 

An international body to supervise and encourage international trade. An international trade organization was proposed following the Bretton Woods conference in 1944, but was never set up; the General Agreement on Tariffs and Trade (GATT) was started instead. GATT organized the Uruguay Round trade talks, which concluded in 1994 by setting up the WTO to take over its functions in encouraging multilateral trade in goods and services.

 

Reference: Oxford Press Dictonary of Economics, 5th edt.