Question

How many countries of the world are currently members of the WTO?
1. 134
2. 167
3. 164
4. 198
5. 185

Answer 1

Correct Answer - Option 3 : 164

The Correct Answer is 164.

• The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade between nations.
• It officially commenced operations on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, replacing the General Agreement on Tariffs and Trade (GATT), which was established in 1948.
• The WTO is the world's largest international economic organization.
• With 164 member states representing over 96% of global trade and global GDP. 
• The WTO facilitates trade in goods, services, and intellectual property among participating countries by providing a framework for negotiating trade agreements, which usually aim to reduce or eliminate tariffs, quotas, and other restrictions; these agreements are signed by representatives of member governments and ratified by their legislatures.