The income in the annual budget of the World Trade Organisation is accumulated from the contribution made by member countries. The General Agreement on Tariff and Trade was substituted by the Marrakesh Agreement. The World Trade Organisation was established on January 1, 1995, following the Marrakesh Agreement which was ratified on April 15, 1994. It has to be kept in mind that the WTO agreements will have to be ratified by the parliaments of the member countries. The functioning of the WTO is based on negotiated and signed WTO agreements between member countries. Such regulations and obligations only cover countries that hold membership to the World Trade Organisation. The World Trade Organisation or the WTO is the only such global international entity that deals with the rules and regulations related to international trade between different countries.
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