The World Trade Organisation (WTO) is the only international organisation dealing with the rules of trade between nations.
The World Trade Organisation. A group consisting of 168 trading territories worldwide. You will often hear people refer to ‘WTO terms’, this is incorrect. The WTO do NOT set any terms, they set the rules against which trade should be managed. There is no such thing, for example, as the WTO tariff. There are multiple tariffs, one for each member/territory (ie EU have one for 27 member countries) – the way that tariff is applied is governed by the WTO rules, but they do not set the tariff.
Their Mission
At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The fundamental goal of the WTO, as set out in the organisation's founding agreement, is to use trade as a means to improve people's living standards, create better jobs and promote sustainable development.