The World Trade Organization (WTO) is an international organization that oversees and liberalizes international trade. It officially began operating on January 1, 1995 according to an agreement signed by 123 nations, replacing GATT. The WTO provides a framework for negotiating and formalizing trade agreements as well as resolving disputes between member countries. It has over 160 member countries and focuses on issues derived from previous trade negotiations, upholding principles of non-discrimination, reciprocity, and open trade policies.