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The WTO As An International Organization
Until the end of 1994, there was no multilateral or international organization that dealt with trade issues between countries. For almost fifty years, the international trading system had functioned without such an organization: under the aegis of the General Agreement on Tariffs and Trade, rules of the game had been developed and respected. But the GATT was created through agreement among trading nations: it did not have the international standing of the International Monetary Fund (IMF) or the World Bank, both of which were international organizations. Instead, the GATT Secretariat, as its name implied, served the signatories to the GATT. All of that changed suddenly in 1994, when, contradicting earlier gloomy forecasts, the Uruguay Round of trade negotiations under the GATT ended not only with considerable progress in strengthening the international trading system, but also with an agreement to found the World Trade Organization. The WTO now has the same legal and organizational standing as the Fund and the Bank. The WTO came into being on 1 January 1995, without much fanfare. The staff of the WTO was the same as that of the former GATT, although it was subsequently expanded by about 10 percent to 400, contrasted with the Fund's approximate 3.000 and the World Bank's 6,000 employees! The WTO was housed in the same building as the GATT had been, and the director general of the GATT became director general of the WTO.
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