The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement that aimed to promote international trade by reducing trade barriers, particularly tariffs. However, by the 1990s, GATT became outdated and unable to effectively address the challenges posed by globalisation and the growth of international trade.

To address this issue, a new organisation was established to replace GATT. This organisation is known as the World Trade Organisation (WTO), and it officially replaced GATT on January 1, 1995.

The WTO is an international organisation that aims to promote and regulate international trade. It is based in Geneva, Switzerland, and has 164 member countries, making it one of the largest international organisations in the world.

The primary role of the WTO is to ensure that international trade flows smoothly, predictably, and freely. It does this by setting rules for international trade and providing a forum for negotiating new trade agreements and resolving disputes. The WTO also conducts research and collects data on international trade to provide a better understanding of the global trade system.

One of the key features of the WTO is the dispute settlement mechanism. This mechanism allows member countries to file complaints against other member countries if they believe that their trade rights have been violated. The dispute settlement process involves a panel of experts who examine the case and make a judgement. If a violation is found, the offending country must take corrective action or face trade sanctions.

In conclusion, the World Trade Organisation replaced the General Agreement on Tariffs and Trade to address the changing needs of the global trade system. With its 164 member countries, the WTO plays a critical role in promoting and regulating international trade, ensuring that trade flows smoothly, predictably, and freely.