As the world continues to become more interconnected, the importance of international trade has only increased. And at the forefront of global trade is the World Trade Organization, or WTO. Founded in 1995, the WTO is an intergovernmental organization that aims to regulate and promote international trade.

One of the key functions of the WTO is to negotiate and enforce trade agreements between its member countries. These agreements outline the terms of trade between the signatories, including tariffs, quotas, and other trade-related policies.

As of 2021, the WTO has 164 member countries, each of which is a signatory to at least one WTO agreement. These agreements are the result of years of negotiations and are intended to promote a fair and level playing field for international trade.

Some of the most significant WTO agreements include the General Agreement on Tariffs and Trade (GATT), which sets the rules for international trade in goods, and the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), which aims to protect intellectual property rights and encourage innovation.

Other important agreements include the Agreement on the Application of Sanitary and Phytosanitary Measures (SPS), which sets standards for food safety and animal and plant health, and the Agreement on Technical Barriers to Trade (TBT), which aims to promote transparency and reduce unnecessary trade barriers.

In addition to these agreements, the WTO also has a dispute settlement mechanism that allows member countries to resolve trade disputes through arbitration and mediation.

While the WTO has faced criticism over the years, particularly for its perceived lack of transparency and effectiveness, it remains a vital institution for regulating and promoting international trade. And as the world becomes increasingly interconnected, the importance of these agreements and the role of the WTO will only continue to grow.