International business and economic law involves the public international law and domestic law applicable to international business transactions between private parties, as well as the public international law applicable to trade and investment relations between or among states. The concerns of international economic and business law relate to the international economy, and involve sales of goods, trade in services, intellectual property licensing and protection, international finance and foreign direct investment, as well as the settlement of disputes relating thereto. This field is affiliated with international business studies and with international economic studies, and also relates to international political economy. This field also involves international organizations related to international business and economic activity, including multilateral organizations such as the WTO or the IMF, regional organizations such as the European Union or NAFTA and functional organizations such as the Basle Committee on Bank Regulation. Students who present this field will be expected to understand the legal context of international business transactions, as well as how states relate to one another in the international economy.