The WTO is the successor of GATT (General Agreement on Tariffs and Trade).

Introduction:
The World Trade Organization (WTO) is an international organization that deals with global trade rules between nations. It was established on January 1, 1995, and replaced the General Agreement on Tariffs and Trade (GATT), which was in operation since 1948. The transition from GATT to the WTO marked a significant milestone in the evolution of international trade relations.

GATT: The foundation of the WTO:
The General Agreement on Tariffs and Trade (GATT) was created in the aftermath of World War II with the aim of promoting free trade and reducing trade barriers. It was a provisional agreement that provided a framework for negotiations on trade issues. GATT operated as a series of multilateral trade negotiations and agreements among participating nations.

The need for a stronger framework:
GATT played a crucial role in facilitating trade liberalization and promoting economic growth. However, over time, it became evident that a more comprehensive and institutionalized framework was required to address the complex and diverse challenges of global trade. GATT lacked the necessary enforcement mechanisms and had limited coverage of trade-related issues such as services, intellectual property, and agriculture.

The establishment of the WTO:
The Uruguay Round of GATT negotiations, which began in 1986, aimed to address these shortcomings and create a stronger international trade organization. After several years of negotiations, the Uruguay Round concluded in 1994 with the establishment of the World Trade Organization (WTO).

Key features of the WTO:
The WTO is a permanent institution with a legal and institutional framework for the conduct of global trade. It has a broader mandate than GATT and covers not only trade in goods but also trade in services and intellectual property rights. Some key features of the WTO include:

1. Dispute Settlement: The WTO has a robust dispute settlement mechanism that provides a forum for resolving trade disputes between member countries.

2. Trade Negotiations: The WTO conducts trade negotiations among member countries to liberalize trade and establish new rules and agreements.

3. Trade Policy Review: The WTO conducts regular reviews of the trade policies and practices of member countries to ensure transparency and compliance with WTO rules.

4. Technical Assistance and Capacity Building: The WTO provides technical assistance and capacity-building support to developing countries to help them effectively participate in global trade.

Conclusion:
In conclusion, the WTO is the successor of GATT and represents a significant advancement in the global trade system. It provides a comprehensive framework for the regulation of international trade and promotes economic cooperation among nations. The transition from GATT to the WTO has strengthened the multilateral trading system and has played a crucial role in facilitating global economic integration.