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World Trade Organization (WTO) / Organización Mundial del Comercio (OMC)

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Description

The World Trade Organization (WTO), created in 1965 and based in Geneva, Switzerland, is aimed at the regulations governing trade among nations participating of the agreements negotiated by most of the over 160 member countries and ratified by their corresponding parliaments. WTO's function is ensuring that commerce flows smoothly, predictable and freely; which includes the management of agreements and act as a forum for commercial negotiations, solving differences between its members, supervising national commercial policies, supplying technical support and training to developing countries, and helping other international organizations. In 2017, Fitch Ratings stated that the collapse of the negotiations of the North American Free Trade Agreement (NAFTA) would imply the infringement of WTO's rules, and the tariffs of some Mexican exporting sectors could rise.

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