Oguzeli City Of Turkey for Porter, and Jeffrey D. Sachs, The Global Competitiveness Report 2001 01: World Economic Forum (Cambridge University Press, 2002). M. ODEKON SKIDMORE COLLEGE World Trade Organization THE WORLD TRADE Organization (WTO) is a multinational organization that defines rules for international trade, adjudicates disputes, and punishes countries that violate the rules of trade. Established in 1995, the World Trade Organization was founded in 1995 at meetings held under the GENERAL AGREEMENT ON TARIFFS AND TRADE (GATT), an in- 922 World Economic Forum ternational treaty that governed trade between its signatory nations from 1948 until the WTO took over the functions of GATT. By the 1940s, trade barriers and tariffs had become a significant block to world economic progress. GATT, based on the principle of open, non-discriminatory trade, attempted to reduce the blockage. Oguzeli City Of Turkey 2016.