The World Trade Organization (WTO) is an intergovernmental organization that is concerned with the regulation of international trade between nations.
The WTO officially commenced in 1995 under the Marrakesh Agreement signed by 124 nations, replacing the General Agreement on Tariffs and Trade (GATT). Currently, it has 164 members and 23 observer governments (like Iran, Iraq, Bhutan, Libya etc).
WTO allows member countries to classify themselves as developed or developing. However, other members can challenge the decision of a country to be classified as developing. Only the least-developed countries status is designated by the UN.