The International TaeKwon-Do Federation Constitution of 2006  states:

Article 12. Emblem

The Name of the organization “International Taekwon-Do Federation” is inscribed around the globe to imply that ITF is a world-wide organization and Taekwon-Do is world wide exercised martial art.
In the centre of the globe is engraved in bold relief a fist, on both sides of which are written the letters “Tae-kwon“ - one on the left, the other on the right - to emphasize that Taekwon-Do is the best of all martial arts.
The blue background symbolizes righteous and pure spirit to be nurtured by Taekwon-Do practitioners.