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Definition of 'World Trade Organization - WTO'

An international organization dealing with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably, and freely as possible.

History :
The main building, known as the Centre William Rappard, was constructed on an estate which was gradually formed by the union of a number of plots of land between 1755 and 1893. In 1785, construction began on the Villa Rappard, the house that still stands next to the main WTO building and today houses a Montessori school.
In 1921, the Swiss Confederation acquired the estate and offered it to the League of Nations, which designated the site for construction of a headquarters for the International Labour Office.
Both bodies had been created in 1919 with the signing of the Treaty of Versailles, which formally ended World War I.
In 1923, an architectural competition was launched and the commission to design the ILO headquarters was offered to Swiss architect George Epitaux from Lausanne. His design was based on that of classical Florentine villas, with an interior courtyard, a grand entrance and a sweeping staircase off the main reception area. Construction began in 1923 and the building was in-augurated on June 6, 1926.
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The interior of the building was enhanced by donations from many countries, in-cluding murals in tiles and paint depicting various aspects of labour, sculpted wooden doors, elaborate fountains and exotic trees. Numerous additions followed over the years, including a new wing on the north side of the original building added in 1937, encompassing the current Salle Wyndham White and executive offices. The South Wing was further extended after World War II.
The GATT (General Agreement on Tariffs and Trade) came into being in 1947 as a result of the Bretton Woods Agreement, which also created the

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