Heimsverslunarsamtökin

Heimsverslunarsamtökin, often referred to as the World Trade Organization (WTO), is an international organization that regulates and facilitates international trade. It was established in 1995, succeeding the General Agreement on Tariffs and Trade (GATT) which had been in place since 1948. The WTO's primary goal is to ensure that trade flows as smoothly, predictably, and freely as possible. Its operations are based on a series of trade agreements, negotiated and signed by the bulk of the world's trading nations and ratified in their parliaments.

The WTO provides a forum for its member governments to negotiate trade agreements and to settle trade disputes that arise between them. It aims to lower barriers to international trade, such as tariffs and quotas, and to establish clear and fair rules for global commerce. The organization's work affects a wide range of goods and services, from agricultural products and textiles to telecommunications and intellectual property. Decisions within the WTO are typically made by consensus among its member governments. The headquarters of the WTO is located in Geneva, Switzerland.