The World Trade Organization (WTO) is an international organization that oversees and liberalizes global trade. It is the successor to the General Agreement on Tariffs and Trade (GATT) and has 153 member states. The WTO aims to improve members' welfare by lowering trade barriers and providing a platform for negotiations. It oversees agreements, provides a forum for negotiations and disputes, and is based on principles of non-discrimination, reciprocity, binding commitments, and transparency. The WTO addresses issues like agriculture, services, tariffs, and new topics such as foreign investment and e-commerce.