AKIPRESS.COM - The Mongolian Parliament approved a draft law last week on joining the Marrakesh Agreement establishing the World Trade Organization (WTO), according to News.mn.

The Marrakesh Agreement was done on 15 April 1994 in Morocco in order to establish the WTO, which officially came into being on January 1, 1995.

The WTO deals with regulation of trade between participating countries by providing a framework for negotiating trade agreements and a dispute resolution process aimed at enforcing participants' adherence to WTO agreements, which are signed by representatives of member governments and ratified by their parliaments.