Established on January 1, 1995, the World Trade Organization (WTO) is now the umbrella organization of the General Agreement on Tariffs and Trade (GATT). GATT came into existence in 1947 with the intentions of providing the world with a forum that encouraged international trade between its member countries. GATT did so mainly by encouraging member countries to reduce trading tariffs and by providing guidelines for international trade. The last round of GATT discussions, the Uruguay Round held from 1986-1994, led to the birth of the WTO . The WTO is an international trading organization “designed to promote, monitor, and adjudicate international trade”. It has expanded upon what GATT had already established, taking on a larger scope in international trade and also approaching the functions of their permanent institution in a different way than GATT had previously done….