The function of the World Trade Organization is to mediate disputes. Joining the WTO is not a multilateral trade agreement. It is the organizational and legal basis of the trade system, the manager of many trade agreements, the supervisor of all members' trade legislation, and the place to settle disputes and conduct trade negotiations. This institution is one of the most important international economic organizations in contemporary times, and the trade volume among its members accounts for the vast majority of the world, so it is called "Economic United Nations".
The predecessor of the World Trade Organization was 19471General Agreement on Tariffs and Trade signed on October 30th. 1 99565438+1October1,the World Trade Organization officially started to operate; 1 996 65438+1October1,the World Trade Organization officially replaced the provisional institutions of GATT; 200165438+February 1 1, China formally joined the World Trade Organization; On August 30th, 2003, the General Council of WTO unanimously adopted the Final Document on Implementing the Compulsory Licensing System for Patented Drugs.
As of May 2020, the World Trade Organization has 164 members and 24 observers.