WTO was outcome of GATT agreement in 1988 at Uruguay. The idea was to promote free movement of goods services and liberalize economies of various member countries and give them level playing field by removing individual trade restrictions and different import taxes

But has this happened ? in fact many small countries have suffered and there has been concentration of wealth in some advanced courtiers. The free movement of finance and labor has not happened . That is a big draw back. It was also see that various countries have refused to follow instructions of QWTO when it did not suit them and there are several loopholes to get waivers and special benefits.