What is the importance of the World Trade Organization?

Answer 1

Unfortunately, the first answer is wrong.

The WTO is important because it was the vehicle chosen by the U.S. and Europe to open markets all over the world multilaterally.

http://en.wikipedia.org/wiki/World_Trade_Organization

And, GATT and the WTO have been extremely successful in achieving their goals: trade is much freer and has become more important to economies all over the world than before.

At the same time, the failures with the latest round of negotiations show just how limited the power of the WTO really is. Neither Europe nor the U.S. are willing to give up their subsidies to agriculture as they are deemed too politically sensitive.

http://en.wikipedia.org/wiki/Doha_Round

If either the U.S. or Europe chose to ignore the WTO, it would become completely ineffective.

As it happens, the U.S. has ignored several judgements by the WTO against the U.S., just as it has for several other agreements and treaties it has made.

http://www.citizen.org/trade/wto/Dispute/articles.cfm?ID=5581
http://benmuse.typepad.com/ben_muse/2007/09/how-is-the-us-d.html

Answer 2

The World Trade Organization is the most powerful legislative and judicial body in the world.

Unlike United Nations treaties, the International Labor Organization conventions, or multilateral environmental agreements, WTO rules can be enforced through sanctions. This gives the WTO more power than any other international body. The WTO's authority even eclipses national governments.

Their discussions continue on key issues including agriculture, services, and market access for industrial goods and natural resources.