The World Trade Organization (WTO) has evolved from its predecessor, the General Agreement on Tariffs and Trade (GATT), and plays a crucial role in regulating and promoting international trade. In this answer, we will explore the evolution of the WTO from GATT, its functions, and delve into the salient features of the Agreements on Agriculture and Trade in Services.

Evolution from GATT to WTO:

The GATT was established in 1947 as an international framework to reduce trade barriers, such as tariffs and quotas, and to promote international trade and economic cooperation in the aftermath of World War II. However, it was primarily an agreement, not a formal organization, and had several limitations. These limitations led to the need for a more robust and comprehensive international trade organization, which eventually led to the establishment of the WTO.

1. Legal Framework: One of the key differences between GATT and the WTO is their legal status. GATT was a set of agreements, while the WTO is an international organization with a formal legal framework. The establishment of the WTO was made official by the Marrakesh Agreement in 1994, which replaced GATT.

2. Expanded Scope: GATT primarily focused on the regulation of trade in goods. In contrast, the WTO expanded its scope to cover trade in goods, trade in services, and intellectual property rights, making it a comprehensive framework for international trade.

3. Dispute Settlement Mechanism: The WTO introduced a more robust and formal dispute settlement mechanism, allowing member countries to bring trade disputes to a neutral panel. This mechanism ensures that trade disputes are resolved more effectively, thereby reducing the chances of trade wars.

4. Trade Policy Reviews: The WTO conducts regular reviews of its member countries' trade policies to ensure transparency and accountability. This process encourages countries to abide by their commitments and discourages protectionist measures.

5. Special and Differential Treatment: The WTO recognized that not all countries are at the same level of economic development. It allows for special and differential treatment for developing countries, giving them more time and flexibility to implement certain agreements.

6. Decision-Making Process: The decision-making process in the WTO is more democratic than in GATT. Decisions are typically made by consensus, and every member has an equal say in the decision-making process.

7. Institutionalized Secretariat: The WTO established a permanent Secretariat to provide support and services to its members. This permanent institution helps ensure the continuity of the organization's functions.

Functions of the WTO:

The WTO performs several crucial functions in the international business environment:

1. Trade Negotiations: The WTO conducts negotiations to reduce trade barriers and liberalize trade in goods, services, and intellectual property. These negotiations result