The Importance of Oil in Saudi Arabia Essay - 848 Words

Crude oil is such an essential part of our modern lives that we can often take for granted that our supply of it will remain constant. Small, unstable countries often hold great amounts of this precious resource, along with the ability to cut our supply in a moment’s notice. Therefore, the discovery of oil in Saudi Arabia caused a dramatic increase in the revenue of the country. Saudi Arabia’s newfound wealth was exploited to serve the political and economic needs of an opportunistic Islamic monarchy, while the concerns and rights of its subjects were consistently cast to the wayside. Through a global trade network, Saudi Arabia found great prosperity at the cost of sacrificing its founding principles. Stability of the Arabian Peninsula†¦show more content†¦Meanwhile, the United Nations Statistics Division reported in 2001 that 3.6 million, or almost 15 percent of people in Saudi Arabia live in substandard slum housing. This is unacceptable for a country that possesses the incredible wealth of oil production, and shows that the government of Saudi Arabia only cares for its citizens when it is convenient for it to do so. The Saudi Arabian government’s disregard for the welfare of its citizens also extends to unashamed Human Rights violations. According to reports conducted by both Amnesty International (2007) and the Human Rights Watch (2004), Saudi Arabia has denied many of the freedoms described in the Universal Declaration of Human Rights, despite being a member of the UN. Instead, Saudi Arabia directly follows the body of Islamic shari’a law. However, these laws do not seem to offer any protection to the residents of Saudi Arabia. Indeed, shari’a law is even more hostile to the foreign workers who make up about a third of the population of the Saudi kingdom. It was previously mentioned that oil revenue allowed for the modernisation of education in Saudi Arabia. Within the context of human rights, it is then important to note that there is a great disparity between the rates of literacy of men and women (CIA, 2008). This indicates a society that places more importance on educa tion of boys than of girls. Unfortunately for Saudi Arabia, their oil profitsShow MoreRelatedConstruction Industry In Saudi Arabia892 Words   |  4 PagesSaudi Arabia is the largest free market economy in the Middle East and North Africa, with a 25% share of GDP, and its geographical location provides easy access to export market in Europe, Asia and Africa. It is know that the main income of the Saudi economy is oil, which makes Saudi Arabia rank to be first in the world in oil precaution, oil production and oil exportation to reach 25% of the total wold oil precaution and other natural resources including a large range of industrial raw materialsRead MoreYEMEN INSTABILITY DIRECTLY EFFETS on OPERATIONS in the HORN of AFRICA1455 Words   |  6 Pagesre-emphasizes the importance of Global War on Terrorism mission sets. AQAP establishes training camps, strong recruiting, and bases of operations to continue jihad against the Western world emanate from Yemen. CJTF-HOA will need to b e mindful of Western policy, which focuses on degrading AQAP’s leadership. Saudi Arabia’s longtime influence may help with the stability mission but to defeat the AQAP is on their relationships with tribes in Yemen may prove successful if Saudi Arabia is willing to supportRead MoreMajor Challenges Facing Higher Education859 Words   |  4 Pages Major Challenges Facing Higher Education in Saudi Arabia In Saudi Arabia, the Ministry of Higher Education in 2015 became a part of the ministry of education once again. After King Salman became a king, he issued a royal order in 2015 to merge the Ministries of Higher Education and The Ministry of Education (New Saudi King, 2015). It is now only called The Ministry of Education (MOH). By 1938, oil was discovered in huge amounts in Saudi Arabia and by 1950 there were 365 schools educating 42,000Read MoreImpact of OPECs Oil Pricing on the Petroleum Market784 Words   |  3 PagesEnergy resources are essential for national security, technological development, overall contemporary life style, etc. In this respect, oil is the main source for worldwide economy. Peak oil would imbalance countries economical situations and may lead to a chain reaction with negative effects on multiple layers. Evidently, there is mutual interest to prevent such a thing from happening but the possibility is nevertheless considered. OPECs initial goal to ensure stab le prices on petroleum marketsRead MoreAmerica s Strategic Thinkers Who Think Asia Essay1619 Words   |  7 Pagesopinion that â€Å"the US’s strategic thinkers who think Asia is more important than the Middle East, are said to be not understanding the situation of the States in today’s international context, and the affections onto its interests. Considering the importance of the Middle East to Asia will be the focus of this paper, in which the writer agreed with the assumption. Moreover, there will be reasons why the Middle East is ‘still’ more important than Asia, along with comparison for each. And by the end ofRead MoreThe Kingdom Of Saudi Arabia877 Words   |  4 Pages In Saudi Arabia I am sure that there is probably more than one language spoken there but the number one language is Arabic. Did you know that the Kingdom Of Saudi Arabia has that biggest continuous desert, in the world. Saudi Arabia is a country located in the Middle East surrounded by water, and desert. Saudi Arabia is also known for being the 15th largest export economy in the world. Saudi Arabia is an amazing country. And I hope you enjoy these pages filled with more wonderful facts about theRead MoreThe Current Hostilities Between Yemen And Saudi Arabia Today1366 Words   |  6 PagesWhat are the underlying factors, cultural differences, and outside intervention leading up to the current hostilities between Yemen and Saudi Arabia today? To answer some of these fundamental questions, I will use the relevant aspects of the five core ideas about the social conflict which are championed by Louis Kriesberg and Bruce Dayton’s book â€Å"Constructive Conflicts.† Kriesber g and Dayton posit that that social conflicts are universal, and can be beneficial; social conflicts are waged with varyingRead MoreSaudi Aramco : A Fully Integrated Global Enterprise1204 Words   |  5 PagesCompany: Saudi Aramco Headquarters: Saudi Aramco is headquartered in Dhahran, between the two cities Dammam and Al-Khobar in the Eastern province of Saudi Arabia on the coast of the Arabian Gulf. Number of Employees: Employs more than 61,000 employees worldwide from 77 countries. 2013 or 2014 Profit/Loss: Saudi Aramco is by far the biggest energy company in the world, generating more than $1 billion a day in revenues. Saudi Aramco s value has been estimated at anywhere between US$1.25 trillionRead MoreSaudi Arabia And The Middle East Case Study1486 Words   |  6 PagesSaudi Arabia and the United States: The Honeymoon’s End is in Sight Obama’s victory started a new era in dealing with the Middle East, despite the fact that U.S foreign policy remains tied to its interests in internal security, the economy, and welfare. The U.S policy is being dictated by its personal interests and political parties that stick to the same lines, but differ in some minor ways of implementation. The implementation of this policy serves pubic interest and employs strategy that ensuresRead MoreOil And Natural Gas : A Source Of Strategic Power956 Words   |  4 PagesOil and Democracy in Middle East Fossil energy (i.e. coal, oil and natural gas) is generally considered as a main force that drives innovation of new technology and highly developed economy around the world from industrial revolution. It is also the â€Å"lifeblood† of the global economy and takes up 80% of world’s net primary energy supply. However, due to the huge exposure of oil reserves in Persian Gulf after World War I, geopolitical struggles and potential conflicts surrounding fossil energy

Sexual Frustration as the Root of Evil Essay - 1222 Words

Sexual Frustration as the Root of Evil Sigmund Freud contends that people develop neuroses as a result of frustration. Freud’s essays on this topic postulate that sexual repression may result in aggressive behavior. These two elements emerge in the characters in Macbeth. In Freud’s book, Civilization and its discontents, he takes the premise even farther by correlating severe sexual frustration with the onset of psychoses. In regard to Macbeth, I believe that Macbeth and Lady Macbeth portray this spiral into psychosis as a result of their frustration. We can prove this by first looking at the ideologies of Freud, and then relating it to the downfall of Macbeth and Lady Macbeth. Freud was†¦show more content†¦A typical Freudian example of this would focus on sex. Sex is pleasurable; the desire for sexual pleasure, according to Freud, is one of the oldest and most basic urges that all people feel. However, we cannot have sex every time we desire. If we did, we could not accomplish the work we need to complete and maintain appropriate social behaviors and relationships. Therefore, we have to sublimate most of our desires for sexual pleasure, and turn that sexual energy into something else—such as writing a paper, or playing sports. Freud tells us that, without the sublimation of our sexual desires into more productive realms, there would be no civilization. The pleasure principle makes us want things that feel good, while the reality principle tells us to channel the energy elsewhere. But the desire for pleasure doesnt disappear, even when its sublimated in to work. The desires that cant be fulfilled are packed, or repressed, into a particular place in the mind, which Freud labels the unconscious. Whatever route is taken into the unconscious, what you find there, according to Freud, is almost always about sex. The contents of the unconscious mind consist primarily of sexual desires which have been repressed. 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Financial Accounting and Reporting providedâ€Myassignmenthelp.Com

Question: Discuss About the Financial Accounting and Reporting? Answer: As per the provided letter, the managing directors of Grandmas Kitchen Limited have raises three specific issues regarding the accounting process of the organization. After observing all the issues, one can guess that all the three issues are crucial issues in the preparing of the financial report of the organization. After the observation of these three issues, the possible solutions are provided below: The first issue is about the recording of credit sales of the company. As per the mentioned issue, there are three types of customers in the company. They are retail customers, wholesale distributors and several cafes, motels and others. In order to increase the business and to reach to many customers, the organization has decided to provide credit facilities to all types of customers of the company. After the selling of the products, the business representatives of the company use to make the invoice of the sales. After the issue of sales invoice, the customers are provided a time of one month to make the payment. After receiving the money from the customers, the selling entries are made and the amount is sent to the bank. However, as per the finance director and Charada Flam, this process is incorrect and this is a wrong process indeed. As per the accounting principles, it is the responsibility of the business organizations to register all the processes related to sales. As per the current practice of recording the sales revenues, the organization does not record the entry of credit sales at the time of occurrence of the sales of the products. In order to get the track of all the selling processes, the business organizations need to record the entry of credit sales in the financial books of the organization. In order to do this, the business organizations need to pass the necessary journal and ledger entries for credit sales. After receiving the sales revenue, the company needs to adjust this entry with the credit sales entries to get the current and accurate result. There are several advantages of this process (Giles 2014). This process will assist in establishing coordination among the aspects of credit sales and cash sales and with the help of this accounting process; the possibility of accounting error becomes less. In addition, this process will be helpful for the auditors at the time of conducting the audit operations. This process will make all the sal es related information available for the auditors and will bring transparency in the organization. Hence, it is advices to Grandmas Kitchen to change the process of the record of sales revenue according to the provided procedure (Droms and Wright 2015). As per the accounting principles, the business organizations need to show the fixed assets of the business organization in the financial statement. In addition, the revenue generated from those fixed assets need to be considered as sales revenue (Zhang and Xu 2013). In the present situation of Grandmas Kitchen, the manufacturing designer of the company have manufactured a machine that has been helpful for the production operations of the company. With the assistance of this process, the production time per batch of the company has reduced to 2 hours less per batch. As the machine has been invented within the organization, the production process has only taken $80,000 for the purchase of the required materials. As per the calculation of the factory manager of the company, the estimated fair value of the machine is $225,000. It can be said that the advised process of the factory manager of the company to treat the new machine is a fair and good process. The machine is treated as a fixe d asset of the company and it is providing good services to the manufacturing process of the company. In addition, the factory manager is asked by two other companies to build the same machine for them. This process is increasing the goodwill of the company as well. Hence, there is a fare scope for the company to treat the machine as the fixed asset of the company (austlii.edu.au 2017). However, the company needs to follow certain steps to treat this. First, the company needs to derive the fair value of the machine as per the market price that the factory managers has already done (Sreekumar and Pavithran 2015). After that, the particular machinery needs to be shown in the assets side of the balance sheet of the company as on 30 June 2017. Lastly, the earned revenue from that particular machine needs to be shown in the treading account of the company for the year ended 30 June 2017 as sales revenue. The company needs to follow this process for the treatment of the new asset (Garca?T eruel, Martnez?Solano and Snchez?Ballesta 2014). Allowance for doubtful debt is done out of the profit of the company. Due to this allowance of doubtful debt, the amount of profit decreases. In case of Grandmas Kitchen, the required rate for the allowance of doubtful debt was 2% on the sales revenue, but due to the fault of the clerk, the rate is wrongly charged to 0.02% on sales revenue. Certain procedures are available for this treatment. In case of the prior period of making the trial balance, 2-.02= 1.98% needs to be charged against the sales revenue and the entry will be adjusted (aasb.gov.au 2017). After the completion of the trial balance, the detection of this error will be adjusted with the help of suspense account and necessary notes needs to be given about the adjustment of this entry. In case the error is detected after the completion of trial financial statement, the additional percentage that is 1.98% needs to charged against the net profit of the company to adjust the less amount (legislation.gov.au 2017). In the fin ancial statement of the company, the necessary notes of this adjustment needs to be mentioned. Before the adjustment, it needs to be determined that in which level the error has occurred. References Aasb.gov.au. (2017).Accounting standards. [online] Available at: https://www.aasb.gov.au/Pronouncements/Current-standards.aspx [Accessed 15 May 2017]. Austlii.edu.au. (2017).CORPORATIONS ACT 2001. [online] Available at: https://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/ [Accessed 15 May 2017]. Droms, W.G. and Wright, J.O., 2015. Finance and accounting for nonfinancial managers: All the basics you need to know. Basic Books. Garca?Teruel, P.J., Martnez?Solano, P. and Snchez?Ballesta, J.P., 2014. Supplier financing and earnings quality. Journal of Business Finance Accounting, 41(9-10), pp.1193-1211. Giles, R., 2014. Finance Accounting New 4th Edition. Lulu. com. Legislation.gov.au. (2017).Corporations Act 2001. [online] Available at: https://www.legislation.gov.au/Details/C2013C00003 [Accessed 15 May 2017]. Sreekumar, K. and Pavithran, K.B., 2015. Management Accounting Practices and Organisational Performance: A Study of Environmental and Organisational Antecedents as Perceived by Finance and Accounting Managers in the Manufacturing Sector in India (Doctoral dissertation, Cochin University of Science and Technology). Zhang, M. and Xu, T., 2013. Auditor-customer Private Relationship and Audit Quality: Based on the Audit Fee and Opinion. In Accounting Forum (Vol. 1, p.

Intellectual Property Notes Essay Example

Intellectual Property Notes Essay One of the most valuable and neglected property of yours! OR You might be neglecting one of your most valuable properties! OR One of the most valuable properties of yours! If you ask someone walking down the street and ask him â€Å"What is a property? † Brand  is a name, design, symbol, or any other feature that identifies one sellers good or service as distinct from those of other sellers. What is a brand? * Brand  is a name, design, symbol, or any other feature that identifies one sellers good or service as distinct from those of other sellers.Example: Coca Cola  is a brand which is the intellectual property of The Coca-Cola Company. Apple is a brand which is the intellectual property of Apple Inc. * It is the most valuable fixed asset of any corporation. * Branding is a concept where consumers buy ‘the brand’ instead of the product. * Brand name, logo, design and any other attributes associated with it, are part of the brand and eventually part of intell ectual property. * Brand is a part of intellectual property. What is Intellectual Property (IP)? It is a legal concept, which refers to the creations of mind for which exclusive rights are recognized. * Creations of mind include: * inventions * literary and artistic works * formulas * symbols * names * images * designs used in commerce. * IP involves patents, copyright, trademarks, designs, brands etc. * It can also be defined as â€Å"information with a commercial value†. Types of intellectual property * Trademarks, including service marks * Copyright and related rights * Geographical indications * Industrial designs * Patents * Layout-designs (topographies) of integrated circuits Undisclosed information, including trade secrets Categories of Intellectual Property (IP) * IP is divided into two categories: 1. Industrial property: * inventions (patents) * trademarks * industrial designs * geographic indications of source 2. Copyrights Rights: a. Copyrights: i. literary works * novels * poems * plays * films * musical works ii. artistic works * drawings * paintings * photographs * sculptures * architectural designs b. Rights related to copyright: iii. performances of performing artists, iv. producers of phonograms in their recordings, . Broadcasters in their radio and television programs. Copyright  © * It is the â€Å"right to copy†, a form of â€Å"intellectual property† applicable to any expressible form of an idea or information that is distinct and applicable. * A legal concept in which a set of exclusive rights are granted to the creator/owner of an original work for a limited period of time to protect the originality of work piece. * They do not extend beyond the territory of a specific state unless that state is a party to the international agreement of ‘Copyright’. It is moral and economic right of authors, writers, publishers, performers and producers of sound recordings (phonograms). * The duration of copyright pro tection is life time of the author plus 50 years thereafter. The Exclusive Rights of Copyright  © * Only the copyright holder is free to exercise exclusive rights while others are prohibited from using the work without the copyright holder’s permission. * Major exclusive rights include: * To produce copies or reproductions of the work and to sell those copies (including electronic copies) * To import or export the work To create derivative works (adaptation from original work) * To perform or display the work publicly * To sell or assign copyrights to others * To transmit or display by radio or video Categories of Copyright Work/Registration Intellectual Property Organization (IPO), Pakistan has categorized the Copyright work/registration into following: Part-I:  Literary works * Books, * Magazines, * Journals, * Lectures, * Sermons, * Dramas, * Novels, * Computer Programs and * Compilation of Data Part-II:  Artistic works * Paintings, * Photographs, * Maps, * Charts, C alligraphies, * Sculptures, * Architectural Works, * Drawings, * Label Designs, * Logos, * Monograms etc. Part-III:  Cinematographic works * Motion Pictures, * Video Cassettes, * VCD’s, * DVD’s  Ã‚   etc. Part-IV:  Records Works * Audio Cassettes * CDs What is Copyright Infringement/Piracy? * It is the unauthorized and illegitimate use of materials held by copyright. * Infringing the copyright holder’s â€Å"exclusive rights†. * The copying of â€Å"intellectual property† without written permission from the copyright holder. What are Intellectual Property Rights (IPR)? IPR are the rights given to persons over the creations of their minds. * They usually give the creator an exclusive right over the use of his/her creation for a certain period of time. * IPR are customarily divided into two main areas: c. Copyright and rights related to copyright: The rights of authors of literary and artistic works (such as books and other writings, musical co mpositions, paintings, sculpture, computer programs and films) are protected by copyright, for a minimum period of 50  years after the death of the author. . Industrial property: Industrial property can usefully be divided into two main areas: vi. Protection of distinctive signs, in particular trademarks and geographical indications to ensure fair competition and to protect consumers, by enabling them to make informed choices. vii. Other types of industrial property are protected primarily to stimulate innovation, design and the creation of technology such as inventions (protected by patents), industrial designs and trade secrets.The protection is usually given for a finite term (typically 20 years in the case of patents). What is WIPO? * WIPO was established in 1967 and stands for World Intellectual Property Organization. * In 1974, WIPO joined the system of United Nations, becoming one of 15 specialized UN agencies dedicated to the use of intellectual property to encourage innov ation and creativity. * WIPO has currently 185 member states, which accounts for more than 90 percent of the countries of the world. These member states determine the strategic direction and activities of the Organization by meeting in the assemblies, committees and working groups which are WIPO decision-making bodies. What does WIPO do? * WIPO is to promote innovation and creativity for the economic, social and cultural development of all countries, through a balanced and effective international intellectual property system through: * Services systems which make it easier to obtain protection internationally for patents, trademarks, designs and labels of origin; and to resolve IP related disputes. Laws helping in developing the international legal IP framework in line with society’s evolving needs. * Infrastructure by building collaborative networks and technical platforms to share knowledge and simplify IP transactions, including free databases and tools for exchanging info rmation. * Development by building capacity in the use of IP to support economic development. How WIPO Works? * The WIPO Convention sets out terms governing WIPO’s mandate, functions, finances and procedures. * WIPO works with a wide spectrum of takeholders, including other inter-governmental organizations, non-governmental organizations, representatives of civil society and industry groups. * Some 250 NGOs and IGOs currently have official observer status at WIPO meetings. * WIPO has 185 member states which collectively determine the direction, budget and activities of the Organization through the decision-making bodies. WTO-WIPO cooperation agreement 1995 * The WTO and WIPO cooperation agreement was signed in 1995 and share a mutually supportive relationship.What is Geographic Indication (GI)? * According to the TRIPS Agreement, a GI identifies a good as originating in a particular territory where a given quality, reputation or other characteristic of the good is essentially attributable to its geographical origin (Article 22. 1). * GI does not only say where the product was made, it identifies the products special characteristics, which are the result of the product’s origins. * Well-known examples include â€Å"Champagne†, â€Å"Scotch†, â€Å"Tequila†, and â€Å"Roquefort† cheese. Wine and spirits makers are particularly concerned about the use of place names to identify products, and the TRIPS Agreement contains special provisions for these products. But the issue is also important for other types of goods. * Using the place name when the product was made elsewhere or when it does not have the usual characteristics can mislead consumers, and it can lead to unfair competition. * The TRIPS Agreement says countries have to prevent this misuse of place names. Some exceptions are allowed, for example if the name is already protected as a trademark or if it has become a generic term. * For example, â€Å"cheddar† now refers to a particular type of cheese not necessarily made in Cheddar, in the UK. But any country wanting to make an exception for these reasons must be willing to negotiate with the country which wants to protect the geographical indication in question. Trade-Related Aspects of Intellectual Property Rights (TRIPS) * WTO negotiated an agreement with WIPO by introducing intellectual property rules into the trading system, known as TRIPS. The policies to protect intellectual property include granting of patents, trademarks and copyrights. * TRIPS contains requirements that nations laws must meet for copyright rights, including the rights of performers, producers of sound recordings and broadcasting organizations; geographical indications, industrial designs; integrated circuit layout-designs; patents; monopolies for the developers of new plant varieties; trademarks; trade dress; and undisclosed or confidential information. TRIPS also specifies enforcement procedures, remedies, an d dispute resolution procedures. * It establishes minimum levels of protection that each government has to give to the intellectual property of fellow WTO members. * It strikes a balance between the long term benefits and possible short term costs to society. * Society benefits in the long term when intellectual property protection encourages creation and invention, especially when the period of protection expires and the creations and inventions enter the public domain. The TRIPS agreement covers five broad issues: * Application of basic principles of the trading system and other international intellectual property agreements. * Giving adequate protection to intellectual property rights. * Enforcement by countries of these rights adequately in their own territories * Procedure to settle disputes on intellectual property between members of the WTO * Special transitional arrangements during the period when the new system is being introduced. TRIPS requires member states to provide st rong protection for intellectual property rights. * Under TRIPS: * Copyright terms must extend at least 50 years, unless based on the life of the author. (Art. 12 and 14) * Copyright must be granted automatically. (Art. 9) * Computer programs must be regarded as literary works under copyright law and receive the same terms of protection. * Patents must be granted for inventions in all fields of technology provided they meet all other patentability requirements and must be enforceable for at least 20 years (Art 33). Exceptions to exclusive rights must be limited (Art. 13 Art  30) * Legitimate interests of third parties have to be taken into account by patent rights (Art  30). What is WTO? * WTO stands for World Trade Organization, which was established on 1st January, 1995 with its head-quarters located at Geneva, Switzerland. As on 24 August, 2012, WTO has 157 countries as members. What does WTO do? * WTO operates and deals with a system of trade rules between nations on a glob al or near-global level. * It is an organization for trade opening. It is a forum for governments to negotiate trade agreements, to settle trade disputes with aims for liberalizing trade. * It is a place where member governments try to sort out their trade problems with each other. Functions of WTO * Administering WTO trade agreements * Forum for trade negotiations * Handling trade disputes * Monitoring national trade policies * Technical assistance and training for developing countries * Cooperation with other international organizations WTO- Purpose * WTO settles trade related disputes among countries involving conflict of interests. WTO is all about negotiations and everything done by WTO is the result of negotiations, which are signed by the bulk of world’s trading nations. * These documents provide the legal ground rules for international commerce and are essentially contracts, which bind governments to keep their trade policies within agreed limits. * The goal of such c ontractual bindings is to help producers of goods and services, exporters, and importers to conduct their business, while allowing governments to meet social and environmental objectives. WTO helps trade flow as freely as possible, as long as there are no undesirable side-effects. * It ensures that individuals, companies and governments know what the trade rules are around the world while giving them confidence that there will be no sudden changes of policy as the rules have to be â€Å"transparent† and â€Å"predictable†. WTO Trade Barriers * Trade liberalization or free trade involves the removal of trade restrictions or barriers on the free exchange of goods between nations. * Trade barriers include custom duties or tariffs and non-tariffs barriers, such as import bans or quotas restrictions. WTO negotiations have helped to liberalize trade by lowering these trade barriers especially for countries which have faced them and wanted them lowered. * However, WTO rules support maintaining trade barriers in some circumstances such as consumer protection, environment protection and disease prevention. WTO Agreements * WTO agreements cover principles of liberalization such as: * Transparent trade policies * Procedures in place for settling disputes * Lowering tariffs and barriers etc. * Any change in policies would have to be notified to WTO.WTO- Basic Trading Rules or Principles * Non-Discrimination: e. This rule has two major components which are incorporated in major WTO rules on goods, services and intellectual property. viii. The Most Favored Nation (MFN) Rule: A WTO member countries cannot discriminate between their trading partners e. g. if a country grants special favor to another country, the same will have to be granted to all other WTO members. ix. National Treatment Policy: Imported and locally-produced goods should be treated equally. * Freer Trade: f.To liberalize trade, lowering trade barriers including custom duties, tariffs, import bans or quotas restricting quantities selectively gradually through negotiations. g. It also discourage the use of quotas used to set limits on quantities of imports as it can lead to more accusations of unfair play or non-tariff barriers such as red tape, which involves agreements dealing with various bureaucratic or legal issues causing hindrances to trade such as import licensing, rules for the valuation of goods at customs, pre-shipment inspection involving further checks on imports, investment measures and rules of origin such as made in where? tc. * Predictability through binding transparency: h. WTO’s multilateral trading system is an attempt to make the business environment more stable and predictable while making countries’ trade rules as clear and public (â€Å"transparent†) as possible. * Promoting Fair Competition: WTO agreements support fair competition especially in agriculture, intellectual property, services, etc. Encouraging development and ec onomic reform: WTO system contributes to development by allowing countries to implement trade liberalization programs with flexibility of time. WTO Pakistan * Pakistan has been a WTO member since its inception and is one of the founder Members of the WTO since its inception. * Pakistan has been following an export led growth strategy since market access is of vital importance for its businesses.