The World Trade Organization (WTO) headquartered at Geneva came into being on 1 Jan 1995. It is a 160-member trade body established by the Uruguay Round of negotiations (1986-94) to act as a forum for trade negotiations.
Obamacare is the un-official name of Affordable Care Act. Amadeo, (2010, p. 10) explains that it is intended to protect the American citizens against exploitation by the insurance companies and includes provisions of quality health care.
Saudi Arabia is the world’s largest producer and exporter of proven oil. It has one-fifth of world’s proven oil reserve and is one of the largest producer of crude oil after Russia. Saudi Arabia is also the 5th largest country in natural gas reserve after Russia, Iran, Qatar, and US (Anon 2013).
Egypt’s economy relies on public sector enterprises. In the 1991 reform sectors which needed reform were privatizing public sector, export development, trade liberalization, and promotion of technology.
Egypt is one of the leading producer of oil and natural gas in the African continent (US energy information association 2013). Oil and gas industries are supporting the Egyptian economy since 1980 and 2001.
President of Australia John Howard said that Iraq invasion by US was due to its demand for Iraq’s oil reserve (Duffield 2005). In the middle east Iraq possesses the highest quantity of oil reserve now.
China’s emergence as a global power during recent decades has attracted attention of scholars across the world. The reason is that China’s growth has not only affected the nation itself but it has global implications as well.