The World Trade Organization oversees the world's most important multilateral agreement on intellectual property.
World Trade Organization (WTO), an international body for the supervision and liberalization of world trade. It seeks to safeguard the interests of small and poor countries from the biased trade practices of large and powerful nations. The WTO's clause stipulates that each WTO member shall allow equal market access to all other members, and domestic and foreign suppliers are treated equally.
The rule requires member states to restrict trade only by tariffs, allowing more favorable market access than specified in the schedule. The rule is intended to enable governments to resist influence by domestic interest groups for special favors. There are some exceptions to the rules, but the existence and emulation of rules in core WTO agreements should avoid the worst overreach.
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