The post-Second World War period has seen a growing interest in integrating national economies at regional levels. Much of the effort was made to form regional groupings, trade blocks and treaties which have often floundered due to political differences and unforeseen hurdles. This article primarily discuses about the structure of WTO and its impact on emerging economies.

The World Trade Organization (WTO) came into being on January 1, 1995. WTO succeeded GATT, the half-a-century old trading system. Earlier, the entire WTO was ruled by the General Agreement on Tariffs and Trade (GATT) that brought new rules for the system, and evolved through many rounds of negotiations. The WTO differs from GATT in the sense that it is a chartered organization.

The last General Agreement on Tariffs and Trade (GATT) round was the Uruguay Round, which is the basic foundation that brought forth the importance of creating a world trade body named WTO. During 1986-94 much of its work done through the GATT negotiations under Urugway Round Agreements. In the beginning, GATT started with trade-dealing in goods, the possible WTO structures and its agreements but soon started covering trade in services, and in traded inventions, creating and designing the intellectual property rights etc. But generally speaking World Trade Organization (WTO) connects with a set of rules and regulations that are traded between the nations at national level or at international level. The entire organization is fully under the control of WTO members for liberalizing its trade among the member nations to negotiate trade agreements as well as to settle trade disputes. It operates through a system of traded rules. As a matter of fact, it is a negotiating forum where member governments interact with each other and try to sort out the trade problems they are facing.

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