A treaty is a formal agreement between two or more sovereign states or international organizations. Treaties are used to regulate various issues, such as trade, peace, and environmental protection. They are legally binding and require the consent of the parties involved, often ratified by legislative bodies. The process of creating a treaty typically involves negotiations, drafting, and signing. Once signed, the treaty must be ratified, which means that each party must formally accept the terms. Examples of important treaties include the Treaty of Versailles, which ended World War I, and the Paris Agreement, aimed at combating climate change.