The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) was adopted on 14 April 1994 as one of the three basic agreements on which the World Trade Organization (WTO) was built. Developing countries were allowed to extend their implementation of the TRIPS Agreement until 1 January 2000, and the least developed countries were granted a 10-year extension, up to 1 January 2006, or if they were unable to meet this deadline a further extension. The purpose of the TRIPS Agreement is to promote the effective and adequate protection of intellectual property rights as a means to reduce distortions and impediments to international trade. This contributes the promotion of technological innovation and the transfer and dissemination of technology, the mutual advantage of producers and users, balancing rights and obligations. It provides minimum standards for the protection of intellectual property rights in member states, covering such rights as copyrights, trademarks, geographical indications, industrial design, and patents.