The World Trade Organization (WTO) is the only global international organisation dealing with the rules of trade between the nations. The goal of WTO is to help producers of goods and services, exporters and importers conduct their business. The Uruguay Round was the 8th round of Multilateral Trade Negotiations (MTN) conducted within the framework of the General Agreement on Tariffs and Trade (GATT), spanning from 1986 to 1994 and embracing 123 countries as ‘contracting parties’. The round led to the creation of the World Trade Organization (WTO), with GATT remaining as an integral part of the WTO agreements. The Uruguay Round was the largest trade negotiation ever. It set out rules and principles to cover all global trade, from banking to consumer products. The WTO frames rules on trade in intellectual property rights under TRIPS rule. The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) is an international legal agreement between all the member nations of the World Trade Organization (WTO). So, the statement (4) is incorrect