World Trade Organization (WTO)

an international institution created in 1995 that regulates trade between nations. A replacement for the 1947 General Agreement on Tariffs and Trade (GATT), the WTO manages the rules of international trade and attempts to ensure fair and equitable treatment for its 164 members. It does this by conducting negotiations, lowering trade barriers, and settling disputes. As of 2018, the WTO had 164 members.