Topic summary
WTO
Extracted from the Wikipedia article World Trade Organization.
Differences between GATT and WTO
WTO was created in order to accommodate more issue areas (such as services and intellectual property) and a vastly enlarged membership. In comparison to GATT, the WTO included vastly more numerous and more precise obligations on member states. Member states that were non-compliant were subject to punishment or to dispute settlements that could produce adverse outcomes. The consensus-based nature of rule changes has contributed to deadlock in the WTO and discontent among member states, as they are unable to resolve problems.