The World Trade Organization (WTO) was officially formed in 1995 as an international body to supervise and liberalize international trade. The main purposes of the WTO are dealing with trade regulations, negotiations, and disputes between member nations. The 159 members of the WTO account for 97% of global trade.
The origin of the WTO goes back to the General Agreement on Tariffs and Trade (GATT). GATT was formed in 1947, when world governments failed to come to agreements on how to create an international trade organization. GATT then became obsolete after the formation of WTO in 1995.
Mainland China was accepted as a WTO member in 2001. That same year, Taiwan was also accepted under the name "Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu". The accession of both Mainland China and Taiwan the same year was significant, because it marked one of the first times that officials from both sides could come together to discuss issues outside of their respective official cross-strait dialogue foundations.
The WTO is now trying to complete negotiations on the Doha Development Round, which was launched in 2001. The Doha Round has an explicit focus on addressing the needs of developing countries. It also hopes to achieve major reform of the international trading system through the introduction of lower trade barriers and revised trade rules. However, the Doha Round of negotiations has since stalled, and many countries have turned to bilateral free trade agreements with their major trading partners instead. Taiwan has also been working to secure bilateral agreements with its trading partners. The recently signed trade in services agreement with China is part of such efforts.