The World Trade Organization (WTO) is one of the most important international organizations in existence today. It contains a set of disciplines that affect the ability of governments to impose trade restrictions, and has helped to support the steady expansion of international trade since the 1950s. It is a unique organization in providing a framework for Member states to make binding policy commitments that are enforced through a unique dispute settlement system and a variety of transparency mechanisms.

Introduction. 1 A very brief history of the trading system 2 The WTO in a nutshell 3 Trade in Goods 4 Services, Intellectual Property, and Plurilateral Agreements 5 Dispute Settlement and Transparency 6 Developing Countries and the Multilateral Trading System 7 Whither the Trading System? Conclusion

Bernard M. Hoekman is Professor and Director of Global Economics at the Robert Schuman Centre for Advanced Studies, European University Institute, Florence, Italy.

Petros C. Mavroidis is Edwin B. Parker Professor of Foreign and Comparative Law at Columbia University, USA and Professor of Law at the University of Neuchâtel, Switzerland.