Which organization sets global rules for international trade in goods, services and intellectual property?

The World Trade Organization sets global rules for international trade in goods, services and intellectual property.

The WTO began operating on 1 January 1995, succeeding the General Agreement on Tariffs and Trade as the main institution overseeing multilateral trade rules. Its legal framework includes agreements on goods, services, intellectual property, agriculture and technical barriers to trade.

The organization provides a forum for negotiations, monitors members’ trade policies and administers the dispute-settlement system. It does not function as a world government and cannot simply impose a single domestic trade policy on members.

The WTO is often confused with the World Bank and the International Monetary Fund. Those institutions focus mainly on development finance and monetary or financial stability, whereas the WTO’s central subject is international trade.