World Trade Organization

Introduction

The World Trade Organization (WTO) is the principal international organisation dealing with the rules of international trade.

It provides a common institutional framework for regulating trade relations between States and customs territories, with the objective of promoting a more predictable, transparent and rules-based international trading system.

The WTO deals with areas including:

• trade in goods;
• trade in services;
• intellectual property rights;
• tariff and market-access commitments;
• non-discrimination;
• trade remedies;
• dispute settlement;
• trade policy review;
• transparency in international trade.

The WTO is an important institution of international economic law.

Establishment of the WTO

The WTO was established on 1 January 1995.

It was created by the Marrakesh Agreement Establishing the World Trade Organization, signed at Marrakesh on 15 April 1994.

The Marrakesh Agreement was the outcome of the Uruguay Round of multilateral trade negotiations.

The WTO replaced the provisional General Agreement on Tariffs and Trade (GATT) 1947 institutional framework.

However, the GATT rules were incorporated into the WTO system as GATT 1994.

Therefore:

GATT 1947

↓

Uruguay Round

↓

Marrakesh Agreement, 1994

↓

WTO established, 1995

Headquarters

The WTO is headquartered in Geneva, Switzerland.

GATT and WTO

The WTO should not simply be described as a renamed GATT.

GATT

The General Agreement on Tariffs and Trade was primarily a multilateral trade agreement dealing with trade in goods.

WTO

The WTO is a permanent international organisation with:

• institutional organs;
• legal personality;
• dispute-settlement mechanisms;
• agreements covering goods, services and intellectual property;
• trade-policy review mechanisms.

Thus:

GATT → Mainly rules for trade in goods

WTO → Organisation + comprehensive multilateral trade agreements

Legal Framework of the WTO

The WTO legal system is based principally on the Marrakesh Agreement and its Annexes.

The major agreements include:

Annex 1A – Trade in Goods

This includes the GATT 1994 and agreements dealing with specific areas of trade in goods.

Important agreements include:

• Agreement on Agriculture;
• Agreement on the Application of Sanitary and Phytosanitary Measures;
• Agreement on Technical Barriers to Trade;
• Agreement on Trade-Related Investment Measures;
• Anti-Dumping Agreement;
• Agreement on Subsidies and Countervailing Measures;
• Safeguards Agreement.

Annex 1B – Trade in Services

General Agreement on Trade in Services (GATS).

Annex 1C – Intellectual Property

Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS).

Annex 2

Understanding on Rules and Procedures Governing the Settlement of Disputes (DSU).

Annex 3

Trade Policy Review Mechanism (TPRM).

Annex 4

Plurilateral trade agreements listed in the Annex.

Objectives of the WTO

The WTO system seeks to contribute to:

• raising standards of living;
• ensuring full employment;
• increasing real income;
• expanding trade in goods and services;
• promoting sustainable development;
• protecting and preserving the environment consistently with sustainable development.

The WTO framework therefore goes beyond simply reducing tariffs.

Fundamental Principles of WTO Law

Several principles form the foundation of the multilateral trading system.

Most-Favoured-Nation Treatment

The MFN principle requires a Member to treat like products or services from WTO Members without discrimination between trading partners, subject to recognised exceptions.

For trade in goods, GATT Article I is the principal provision.

Example:

If a WTO Member grants a particular tariff advantage to a product from one WTO Member, it generally must extend the same advantage to like products from other WTO Members, subject to applicable exceptions.

Basic Idea

One WTO Member receives a trade advantage

↓

Other WTO Members generally receive the same advantage

National Treatment

The national treatment principle requires imported products, services or intellectual property rights to receive treatment comparable to domestic products, services or rights, subject to the precise rules of the relevant agreement.

For goods, GATT Article III is the principal provision.

The purpose is to prevent Members from using internal measures to discriminate against imported products after entry into the domestic market.

MFN vs National Treatment

This is an important examination distinction.

MFN	National Treatment
Non-discrimination between foreign trading partners	Non-discrimination between imported and domestic products/services/rights
Foreign vs foreign	Foreign vs domestic
GATT Article I	GATT Article III
Subject to exceptions	Subject to agreement-specific rules

Memory Trick

MFN → Foreign vs Foreign

National Treatment → Foreign vs Domestic

Tariff Bindings

WTO Members make commitments concerning maximum tariff levels.

These are known as bound tariffs.

A Member may apply a tariff below its bound level, but ordinarily cannot increase it above the bound rate without complying with applicable WTO rules, including procedures for modification and possible compensation.

Quantitative Restrictions

WTO law generally discourages quantitative restrictions such as:

• import quotas;
• export quotas;
• similar quantitative limitations.

For goods, GATT Article XI contains the general prohibition, subject to exceptions.

Transparency

Transparency is a fundamental feature of the WTO system.

Members have obligations concerning:

• publication;
• notification;
• information;
• trade-policy review.

The objective is to make trade policies more predictable.

Trade in Goods

The WTO regulates international trade in goods through the GATT 1994 and related agreements.

Major subjects include:

• tariffs;
• quantitative restrictions;
• customs procedures;
• subsidies;
• dumping;
• safeguards;
• agricultural trade;
• technical regulations;
• sanitary measures.

Trade in Services

The General Agreement on Trade in Services (GATS) regulates international trade in services.

It applies to various service sectors, including:

• financial services;
• telecommunications;
• transport;
• professional services;
• tourism;
• education and other service activities, subject to the agreement’s scope.

Four Modes of Supply Under GATS

GATS identifies four modes through which services may be supplied internationally.

Mode 1 – Cross-Border Supply

The service moves across borders while the supplier and consumer remain in their respective countries.

Example: Online consulting from one country to a customer in another.

Mode 2 – Consumption Abroad

The consumer travels to another country to obtain the service.

Example: A person travelling abroad for tourism or education.

Mode 3 – Commercial Presence

A service supplier establishes a commercial presence in another country.

Example: A foreign bank establishing a branch or subsidiary.

Mode 4 – Presence of Natural Persons

A natural person temporarily enters another country to supply a service.

Example: A foreign professional temporarily providing services abroad.

Memory Trick

1 → Service moves

2 → Consumer moves

3 → Business moves

4 → Person moves

TRIPS

The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) establishes minimum standards for intellectual property protection within the WTO system.

It covers:

• copyright;
• trademarks;
• geographical indications;
• industrial designs;
• patents;
• layout-designs of integrated circuits;
• undisclosed information.

TRIPS is significant because intellectual property became part of the multilateral trade framework.

Public Health and TRIPS

TRIPS does not mean that intellectual property protection always overrides public health.

The Doha Declaration on the TRIPS Agreement and Public Health (2001) affirmed the importance of interpreting and implementing TRIPS in a manner supportive of Members’ right to protect public health.

This became particularly important in discussions concerning:

• pharmaceutical patents;
• access to medicines;
• compulsory licensing;
• public health emergencies.

Agreement on Agriculture

The Agreement on Agriculture (AoA) regulates agricultural trade within the WTO framework.

It addresses areas including:

• market access;
• domestic support;
• export competition.

Agricultural subsidies and market access have historically been among the most contentious areas of WTO negotiations.

Sanitary and Phytosanitary Measures

The SPS Agreement regulates sanitary and phytosanitary measures designed to protect:

• human health;
• animal health;
• plant health.

Such measures must be based on applicable scientific and risk-assessment principles and must not be used as disguised restrictions on international trade.

Technical Barriers to Trade

The TBT Agreement concerns technical regulations, standards and conformity-assessment procedures.

Its objective is to ensure that technical requirements do not create unnecessary obstacles to international trade while allowing Members to pursue legitimate regulatory objectives.

Anti-Dumping

Dumping generally refers to exporting a product at a price below an appropriate comparison value, commonly involving export price below the product’s normal value.

The WTO Anti-Dumping Agreement establishes rules concerning:

• investigations;
• determination of dumping;
• injury;
• causal relationship;
• anti-dumping duties.

Subsidies

The Agreement on Subsidies and Countervailing Measures (SCM Agreement) regulates certain government subsidies.

It distinguishes between different categories and establishes rules concerning:

• prohibited subsidies;
• actionable subsidies;
• countervailing measures.

Safeguards

Safeguard measures allow Members, under specified conditions, to temporarily restrict imports where increased imports cause or threaten serious injury to a domestic industry.

The Agreement on Safeguards establishes the relevant rules.

Special and Differential Treatment

Developing and least-developed countries receive various forms of special and differential treatment under WTO agreements.

These may include:

• longer implementation periods;
• technical assistance;
• flexibility in certain obligations;
• preferential treatment under specified provisions.

The exact entitlement depends on the particular WTO agreement.

WTO Dispute Settlement

One of the most important functions of the WTO is providing a system for resolving disputes between Members.

The principal legal instrument is the:

Dispute Settlement Understanding (DSU).

The system is based on agreed rules rather than unilateral determination of violations.

WTO Dispute Settlement Process

A simplified process is:

Consultations

↓

Panel

↓

Panel Report

↓

Appeal, where legally available

↓

Adoption / Implementation

↓

Compliance

↓

Possible Compensation or Suspension of Concessions

The exact procedure depends upon the stage of the dispute and the applicable rules.

Consultations

The complaining Member normally begins by requesting consultations.

The purpose is to:

• clarify the dispute;
• exchange information;
• attempt settlement;
• avoid unnecessary litigation.

Consultations are therefore the first formal stage of WTO dispute settlement in many cases.

Panel

If consultations fail, the complaining Member may request establishment of a panel.

The panel examines:

• facts;
• applicable WTO provisions;
• arguments of the parties.

It then produces a report containing its findings.

Appellate Review

Historically, WTO panel reports could be appealed to the Appellate Body on issues of law and legal interpretation.

However, the Appellate Body has been unable to function normally since December 2019 because of the continuing vacancy of its required membership.

Therefore, modern WTO dispute settlement must be understood in light of the current institutional situation.

Some Members have used the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) under DSU Article 25 as an alternative appeal mechanism where applicable.

WTO Dispute Settlement and Retaliation

Where a Member fails to comply with an adopted ruling, the DSU provides mechanisms concerning:

• implementation;
• reasonable period of time;
• compensation;
• suspension of concessions or other obligations.

Suspension of concessions is commonly described as retaliation, but it operates within the WTO’s agreed dispute-settlement framework.

WTO Dispute Settlement vs ICJ

WTO Dispute Settlement	ICJ
WTO Members	States
Trade disputes	General international legal disputes
WTO agreements	General international law + applicable treaties
DSU	ICJ Statute
Panels and appellate/review mechanisms	Permanent court
Trade remedies and suspension of concessions	Judgment and Article 94 UN Charter framework

Important WTO Cases

US – Gasoline

Important for interpretation of GATT Article XX, particularly environmental exceptions and the chapeau requirements.

EC – Hormones

Important for the SPS Agreement, scientific justification and risk assessment.

US – Shrimp

Important for GATT Article XX(g) and environmental protection.

US – Gambling

Important for GATS and the interpretation of general exceptions.

India – Patents (EC)

Important for TRIPS and patent protection.

Brazil – Aircraft

Important for subsidies and the SCM Agreement.

Canada – Renewable Energy

Important for the relationship between trade rules and environmental/energy policies.

GATT Article XX – General Exceptions

WTO rules recognise certain exceptions allowing Members to adopt measures that would otherwise be inconsistent with particular obligations, provided the relevant conditions are satisfied.

Article XX includes exceptions relating to matters such as:

• public morals;
• protection of human, animal or plant life or health;
• conservation of exhaustible natural resources;
• compliance with certain domestic laws.

However, the chapeau of Article XX prevents the exception from being applied in a manner constituting:

• arbitrary or unjustifiable discrimination between countries where like conditions prevail; or
• a disguised restriction on international trade.

National Regulatory Autonomy

WTO law does not require States to abandon all domestic regulation.

States retain the ability to regulate for legitimate objectives, including:

• health;
• environment;
• public morals;
• consumer protection.

However, domestic measures must comply with applicable WTO obligations or fall within an applicable exception.

WTO and Environment

The relationship between trade and environmental protection is a major area of international economic law.

The WTO framework seeks to balance:

Trade Liberalisation

with

Legitimate Environmental Regulation

Cases such as US – Shrimp demonstrate the importance of this relationship.

WTO and Public Health

WTO law can affect public-health regulation through:

• SPS measures;
• TBT rules;
• TRIPS;
• GATT exceptions.

The WTO system therefore interacts with broader international health and human-rights concerns.

WTO and Developing Countries

Developing countries participate in the WTO through the same multilateral institutional framework but receive various forms of special treatment.

Major concerns include:

• market access;
• agricultural subsidies;
• development;
• technology;
• intellectual property;
• implementation costs.

WTO Ministerial Conference

The Ministerial Conference is the highest decision-making body of the WTO.

It consists of representatives of all WTO Members.

It generally meets at least once every two years.

It can take decisions on matters covered by the WTO agreements.

General Council

The General Council carries out the functions of the WTO between meetings of the Ministerial Conference.

It also meets in different capacities as:

• Dispute Settlement Body;
• Trade Policy Review Body.

Dispute Settlement Body

The Dispute Settlement Body (DSB) is composed of WTO Members meeting in that capacity.

It administers the dispute-settlement system.

Its functions include:

• establishing panels;
• adopting panel/appellate reports according to applicable rules;
• overseeing implementation;
• authorising suspension of concessions where applicable.

Trade Policy Review Body

The Trade Policy Review Body (TPRB) conducts trade-policy reviews of WTO Members.

The purpose is to increase:

• transparency;
• understanding of trade policies;
• predictability.

Councils

The WTO has three major councils:

Council for Trade in Goods

Deals with agreements concerning trade in goods.

Council for Trade in Services

Deals with GATS.

Council for TRIPS

Deals with intellectual property issues under TRIPS.

WTO Secretariat

The WTO Secretariat is headed by the Director-General.

It provides:

• technical support;
• legal assistance;
• research;
• administrative support;
• support for negotiations;
• support for dispute settlement.

Unlike the UN Secretary-General, the WTO Director-General does not function as the political head of a universal organisation.

WTO Decision-Making

WTO decision-making generally follows the principle of consensus.

Consensus does not mean that every Member must positively vote in favour.

Rather, a decision is reached when no Member formally objects to the proposed decision.

Where voting is used, the WTO agreements contain specific rules.

Consensus and Sovereign Equality

The WTO combines:

Formal equality of Members

with

Economic differences among Members

This creates continuing debates concerning:

• representation;
• negotiation power;
• developing-country interests;
• consensus decision-making.

WTO Membership

WTO membership is open to States and certain separate customs territories possessing full autonomy in the conduct of their external commercial relations, subject to WTO rules and accession procedures.

Membership involves:

• rights;
• obligations;
• tariff commitments;
• market-access commitments;
• participation in the multilateral trading system.

Accession to WTO

A State seeking membership undergoes an accession process.

A simplified structure is:

Application

↓

Working Party

↓

Negotiations

↓

Terms of Accession

↓

Approval

↓

Acceptance of Accession Protocol

↓

WTO Membership

Withdrawal

The WTO Agreement provides for withdrawal.

Under Article XV of the Marrakesh Agreement, a Member may withdraw by giving written notice to the Director-General.

Withdrawal generally takes effect after the prescribed period.

WTO Legal Personality

The WTO possesses international legal personality.

The Marrakesh Agreement provides that the WTO has legal capacity necessary for the exercise of its functions.

It can therefore:

• enter agreements;
• acquire property;
• undertake legal acts;
• perform institutional functions;
• enjoy privileges and immunities.

Privileges and Immunities

The WTO and its officials enjoy privileges and immunities necessary for the independent exercise of WTO functions.

The relevant framework is primarily contained in Article VIII of the Marrakesh Agreement and applicable arrangements.

WTO and International Law

The WTO is a significant specialised regime within international economic law.

Its agreements interact with general international law but contain their own detailed rules.

Important principles include:

• treaty interpretation;
• State consent;
• good faith;
• non-discrimination;
• proportionality in certain contexts;
• exceptions;
• special and differential treatment.

WTO Agreements as Treaties

WTO agreements are international treaties binding upon WTO Members.

Their interpretation therefore involves principles of international treaty law.

The Vienna Convention on the Law of Treaties, particularly its general rules on treaty interpretation, is frequently relevant in WTO jurisprudence.

WTO and Treaty Interpretation

WTO panels and the Appellate Body historically interpreted WTO agreements using the customary international-law rules reflected in Articles 31 and 32 of the VCLT.

The basic approach is:

Ordinary Meaning

Context

Object and Purpose

↓

Good-Faith Interpretation

WTO and Sovereignty

WTO membership does not abolish State sovereignty.

Instead, Members voluntarily accept international obligations concerning trade.

The central legal relationship is:

State Consent

↓

WTO Membership

↓

Treaty Obligations

↓

Rights + Responsibilities

WTO and International Economic Governance

The WTO is one of the central institutions of global economic governance.

Its role can be represented as:

Trade Rules

Negotiations

Dispute Settlement

Transparency

↓

Rules-Based International Trading System

WTO Negotiations

The WTO provides a forum for multilateral trade negotiations.

Major negotiation rounds historically include:

• Geneva Round;
• Kennedy Round;
• Tokyo Round;
• Uruguay Round;
• Doha Development Round.

The Uruguay Round was particularly important because it resulted in the creation of the WTO.

Doha Development Round

The Doha Development Agenda began in 2001.

It placed substantial emphasis on the interests and development concerns of developing countries.

Major negotiating issues include:

• agriculture;
• industrial goods;
• services;
• development;
• intellectual property;
• dispute settlement.

WTO and Regional Trade Agreements

WTO law permits certain regional and preferential trading arrangements as exceptions to the general MFN principle, subject to specified conditions.

Important provisions include:

• GATT Article XXIV;
• GATS Article V;
• Enabling Clause.

Examples include:

• free trade agreements;
• customs unions;
• certain preferential arrangements for developing countries.

WTO and Regionalism

Regional trade agreements therefore coexist with the multilateral WTO system.

The relationship can be understood as:

Multilateral Trade Rules

Permitted Regional Agreements

↓

International Trade System

WTO and Trade Remedies

WTO law permits certain trade remedies under defined conditions.

Important examples include:

• anti-dumping measures;
• countervailing measures;
• safeguards.

These are not unlimited powers; the applicable WTO agreements impose procedural and substantive requirements.

WTO and Intellectual Property

TRIPS transformed the international trading system by incorporating intellectual property standards into the multilateral trade framework.

This is particularly significant because intellectual property had traditionally been addressed through separate international conventions and institutions.

WTO and International Organisations

The WTO demonstrates the concept of an international organisation with:

• constituent treaty;
• legal personality;
• permanent organs;
• institutional autonomy;
• Member obligations;
• dispute-settlement mechanisms.

Important Distinctions

WTO vs GATT

GATT → Agreement and goods-based framework

WTO → Organisation + comprehensive agreements

WTO vs IMF

WTO → Trade

IMF → Monetary and financial stability

WTO vs World Bank

WTO → Trade rules

World Bank → Development finance

WTO vs ICJ

WTO → Trade disputes under WTO agreements

ICJ → General interstate disputes based on accepted jurisdiction

WTO Institutional Flowchart

Ministerial Conference

↓

General Council

↓

Three Major Councils

→ Goods

→ Services

→ TRIPS

↓

Committees / Working Groups

↓

Secretariat

WTO Dispute Settlement Flowchart

WTO Member

↓

Consultations

↓

Panel

↓

Panel Report

↓

Appeal / Applicable Alternative Review Mechanism

↓

Adoption

↓

Implementation

↓

Compliance

↓

Compensation / Suspension of Concessions if Necessary

WTO Core Principles Flowchart

WTO System

↓

Non-Discrimination

→ MFN

→ National Treatment

↓

Market Access

↓

Transparency

↓

Fair Competition / Trade Remedies

↓

Dispute Settlement

Important WTO Articles

Remember the following:

Marrakesh Agreement Article I → Establishment of WTO

Article II → Scope

Article III → Functions

Article IV → Structure

Article V → Relations with other organisations

Article VI → Secretariat

Article VII → Budget and Contributions

Article VIII → Status, Privileges and Immunities

Article IX → Decision-Making

Article X → Amendments

Article XI → Original Membership

Article XII → Accession

Article XV → Withdrawal

Important GATT Articles

GATT Article I → MFN

GATT Article II → Tariff Concessions

GATT Article III → National Treatment

GATT Article XI → Quantitative Restrictions

GATT Article XX → General Exceptions

GATT Article XXI → Security Exceptions

GATT Article XXIV → Customs Unions and Free-Trade Areas

Important GATS Articles

GATS Article I → Scope

GATS Article II → MFN

GATS Article III → Transparency

GATS Article VI → Domestic Regulation

GATS Article XIV → General Exceptions

Important TRIPS Provisions

TRIPS Article 1 → Nature and Scope

TRIPS Article 3 → National Treatment

TRIPS Article 4 → MFN

TRIPS Article 7 → Objectives

TRIPS Article 8 → Principles

TRIPS Article 27 → Patentable Subject Matter

TRIPS Article 31 → Other Use Without Authorisation of Right Holder

Important WTO Agreements

Agreement	Main Subject
GATT 1994	Trade in goods
GATS	Trade in services
TRIPS	Intellectual property
Agreement on Agriculture	Agricultural trade
SPS Agreement	Sanitary and phytosanitary measures
TBT Agreement	Technical barriers
Anti-Dumping Agreement	Dumping
SCM Agreement	Subsidies
Safeguards Agreement	Import safeguards
DSU	Dispute settlement
TPRM	Trade policy review

Quick Revision

• WTO = World Trade Organization.
• Established on 1 January 1995.
• Created by the Marrakesh Agreement, 1994.
• Headquarters → Geneva, Switzerland.
• Result of the Uruguay Round.
• WTO replaced the GATT 1947 institutional framework.
• GATT 1994 remains part of the WTO system.
• WTO deals with:
  • goods;
  • services;
  • intellectual property.
• GATT → Goods
• GATS → Services
• TRIPS → Intellectual Property
• Fundamental principle → Non-discrimination.
• GATT Article I → MFN.
• GATT Article III → National Treatment.
• GATT Article XI → Quantitative Restrictions.
• GATT Article XX → General Exceptions.
• GATT Article XXI → Security Exceptions.
• GATT Article XXIV → Regional Trade Agreements.
• WTO Members make tariff and market-access commitments.
• WTO uses a rules-based dispute-settlement system.
• First formal dispute stage → Consultations.
• Panel follows if consultations do not resolve the dispute.
• Appellate Body has been unable to function normally since December 2019.
• Some Members use MPIA as an alternative appeal mechanism where applicable.
• Ministerial Conference → Highest WTO decision-making body.
• General Council → Main body between Ministerial Conferences.
• General Council also functions as the:
  • Dispute Settlement Body;
  • Trade Policy Review Body.
• Three major councils:
  • Goods;
  • Services;
  • TRIPS.
• WTO decision-making generally relies on consensus.
• WTO has international legal personality.
• WTO Members are bound by WTO agreements.
• WTO permits certain trade remedies:
  • anti-dumping;
  • countervailing;
  • safeguards.
• WTO law recognises legitimate exceptions for matters such as:
  • public morals;
  • health;
  • environment;
  • security.
• US – Shrimp → trade and environment.
• EC – Hormones → SPS/scientific risk.
• US – Gasoline → GATT Article XX.
• US – Gambling → GATS.
• Doha Declaration → TRIPS and public health.
• World Bank → Development
• IMF → Monetary/financial stability
• WTO → International trade

One-Line Memory Trick

WTO Core

“G-S-I”

G → Goods

S → Services

I → Intellectual Property

Non-Discrimination

“MFN = Foreign vs Foreign”

“National Treatment = Foreign vs Domestic”

Main Institutions

“M-G-C”

M → Ministerial Conference

G → General Council

C → Councils

WTO Agreements

GATT → Goods

GATS → Services

TRIPS → Intellectual Property

WTO Dispute Settlement

“C-P-A-I”

C → Consultations

P → Panel

A → Appeal / applicable alternative review

I → Implementation

Conclusion

The World Trade Organization is the central international organisation governing the modern multilateral trading system. Established on 1 January 1995 through the Marrakesh Agreement, it transformed the earlier GATT framework into a permanent international organisation with a broader institutional and legal structure.

The WTO regulates international trade through a comprehensive body of agreements dealing with goods, services and intellectual property. The core principles of Most-Favoured-Nation treatment, national treatment, market access and transparency seek to make international trade more predictable and non-discriminatory.

The WTO is also important because of its specialised dispute-settlement system. Although the Appellate Body has been unable to function normally since December 2019, the WTO dispute-settlement framework remains a central feature of international trade law, with alternative arrangements such as the MPIA being used by participating Members where applicable.

From an international-law perspective, the WTO illustrates how States can create a specialised international organisation through treaty, confer legal powers upon it, and accept binding international obligations governing their economic relations.

The most important distinctions to remember are:

WTO → International Trade

IMF → International Monetary and Financial Stability

World Bank → Development and Poverty Reduction

ICJ → General Judicial Settlement of Interstate Legal Disputes

And the simplest WTO formula is:

GATT → Goods

GATS → Services

TRIPS → Intellectual Property

DSU → Dispute Settlement