**Members of WTO?**
Verified**Explanation:**
The World Trade Organization (WTO) currently has 164 member countries, making it one of the largest international organizations in the world. This multilateral trading system governs international trade rules and provides a platform for countries to negotiate trade agreements and resolve disputes.
The WTO was established on January 1, 1995, replacing the General Agreement on Tariffs and Trade (GATT). Initially, it started with 123 founding members, but over the years, more countries have joined to benefit from the multilateral trading system. The membership represents countries and customs territories from all continents, covering approximately 98% of global trade.
Some of the major WTO members include the United States, European Union countries, China, Japan, India, Brazil, and Russia. The most recent member to join was Afghanistan in 2016, though its membership status has been affected by recent political changes. Several countries are still in the process of accession, including Algeria, Iraq, and Lebanon.
To become a WTO member, countries must undergo an accession process that involves negotiations with existing members. They need to demonstrate their commitment to following WTO rules and principles, including non-discrimination, reciprocity, and transparency in trade practices. This process can take several years depending on the complexity of the applicant's trade policies.
The 164 member countries benefit from various WTO agreements that cover trade in goods, services, and intellectual property. These members participate in regular ministerial conferences, dispute settlement procedures, and trade policy reviews. The organization operates on the principle of consensus decision-making, ensuring that all members have a voice in shaping global trade rules regardless of their economic size.
