ESTABLISHED in 1995, the World Trade Organization (WTO) administers the trade agreements negotiated by its members, in particular the General Agreement on Tariffs and Trade (GATT), the General Agreement on Trade in Services (GATS), and the Agreement on Trade-related Intellectual Property Rights (TRIPS). The value of total world trade in goods and services, including payments for intellectual property was some US$16 trillion (thousand billion) in 2007. The WTO's rules and principles establish a legal framework for much of this exchange.
