468.3 million. In 2020 WIPO generated over 94.3% of its revenue from fees that are paid by users of its intellectual property services for patents, trademarks and industrial designs due to international demand for intellectual property titles. These services are provided through the Patent Cooperation Treaty (PCT) (providing 76.6% of revenue), Madrid System (providing 16.3% of revenue) and Hague System (providing 1.4% of revenue). Governance and normative work WIPO Assemblies WIPO Assemblies develop global intellectual property agreements through bringing stakeholders together. The main policy and decision making bodies of WIPO are the Coordination Committee and the General Assembly. Twenty-two Assemblies, the Unions administered by WIPO, and other bodies of the Member States of WIPO meet in ordinary or extraordinary sessions in autumn. The General Assembly appoints the Director General through nomination by the Coordination Committee. Any of the policy and decision making bodies can constitute Permanent Committees or Standing Committees. Standing Committees Standing committees are ad hoc groups of experts established for a given purpose and acting as a place for policy discussions and negotiations on the future development of intellectual property. Any WIPO Standing Committee or other bodies also decide to establish a working group to examine a question in more detail, make suggestions or give advice on any subject within the competence of the Organization. WIPO administered treaties WIPO administers 26 treaties, including the WIPO Convention. Intellectual property protection treaties Intellectual property protection treaties define internationally agreed basic standards of intellectual property (IP) protection in each country. Global protection system treaties Global protection system treaties govern WIPO's services, ensuring that one international registration or filing will have effect in any of the relevant signatory States. Classification treaties Classification treaties that create classification systems that organize information concerning inventions, trademarks and industrial designs. Policy work Genetic resources, traditional knowledge and traditional cultural expressions For years, many local communities, Indigenous peoples and governments have sought effective intellectual property (IP) protection for traditional cultural expressions (folklore) and traditional knowledge as tradition-based forms of ingenuity and creativity. As a living body of knowledge developed, sustained and passed on from generation to generation within a community, it is not easily protected under the current IP system, which typically grants protection for a limited period to new inventions and original works as private rights. Some genetic resources, too, are linked to traditional knowledge and related practices through their use and conservation by Indigenous peoples