Describe the World Trade Organization (WTO) and its purpose.

The World Trade Organization (WTO) was formed in 1995 to address a broad array of world trade issues. There are 164 WTO member countries, including the United States, which account for more than 90 percent of world trade. The WTO is a permanent institution that sets rules governing trade between its members through panels of trade experts, who decide on trade disputes between members and issue binding decisions. The WTO has decided over 500 trade disputes for the purpose of mitigating trade wars between countries.