Explanation: The World Trade Organization is the only international organization that deals with the rules of trade between countries.  

• The WTO officially commenced in 1995 under the Marrakesh Agreement signed by 124 nations, replacing the General Agreement on Tariffs and Trade (GATT). Currently, it has 164 members and 23 observer governments (like Iran, Iraq, Bhutan, Libya etc). 
• According to its rules, all decisions are taken through consensus and any member can exercise a veto. 

• Its aim is to promote free trade, which is done through trade agreements that are discussed and signed by the member states. The WTO also provides a forum for countries to negotiate trade rules and settle economic disputes between them. 

Source: FORUMIAS