Option 4 is correct. The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. The WTO has 164 members (including European Union) and 23 observer governments (like Iran, Iraq, Bhutan, Libya etc). The WTO’s global system lowers trade barriers through negotiation and operates under the principle of non-discrimination. The WTO encourage good governance. Transparency — shared information and knowledge — levels the playing field. The Council for Trade-Related Aspects of Intellectual Property Rights (TRIPS Council) monitors implementation of the Agreement on Trade-Related Aspects of Intellectual Property Rights The WTO is one of the three international organisations (the other two are the International Monetary Fund (IMF) and the World Bank Group) which by and large formulate and co-ordinate world economic policy. It is playing a crucial role in the international trade, global economics,and the political and legal issues arising in the international business because of globalization. It also works as a neutral agency for settlement of trade disputes.